Wahoo field is estimated to have the potential to produce more than 140 million barrels of oil
Brazilian oil and gas company PetroRio has agreed to acquire a 35.7% stake in Block BM-C-30 (Wahoo Field) and 60% in Block BM-C-32 (Itaipu Field) from BP Energy do Brasil.
The company said that the acquisition of stake in the two offshore Brazilian blocks will have a fixed portion of $100m that will be paid in five instalments.
Located 30 to 35km north of Frade, with a water depth of 1,400m, Wahoo has a carbonate reservoir at the pre-salt layer at a depth of 5,000 to 7,000m.
The field has the potential to produce more than 140 million barrels of oil.
Through the Wahoo development, Petro Rio expects to create another production cluster that will share all infrastructure with Frade Field (including the FPSO).
PetroRio said: “The Wahoo base project covers the drilling of four producer wells, two injector wells, the deployment of a subsea manifold with multiphase pumps for the flow of oil and injected water, and the tieback between the manifold and the Frade FPSO.”
Itaipu field has 3 pilot wells drilled
According to PetroRio, the oil in the Wahoo field is of excellent quality, with 30º API, low viscosity, and associated gas which is used to generate energy from Frade FPSO.
Located close to the Whales Park cluster, Itaipu field has 3 pilot wells drilled.
PetroRio stated: “With this acquisition, PetroRio makes another important strategic move, which once again highlights its business model, which includes the creation of production clusters through tiebacks, fields redevelopment and operational optimization.”
Furthermore, the company said that the transaction is subject to regulatory approvals and other usual conditions.
Recently, PetroRio has signed binding documents with Gas Bridge to divest a 10% interest held by the company in the Manati field in Brazil, for a value of BRL144.4m ($26m).