Brazil’s PRIO expected to invest US$600mn this year
Brazilian oil firm PRIO plans to invest around US$600mn in 2024, a source close to the matter told BNamericas. The amount compares to US$450mn realized capex last year.
The main projects in the firm’s portfolio are the Frade, Polvo, Albacora Leste and Wahoo fields.
Frade, Polvo and Albacora Leste produced 46,450b/d, 15,865b/d and 26,011b/d, respectively, in the first quarter of the year, while Wahoo is planned to commence operations in the second half.
In its 1Q24 results presentation, PRIO said it was carrying out adaptation works on the topside of the Valente (formerly Frade) FPSO, which currently operates in Frade and to which Wahoo will be connected.
The next stages of the project include the environmental license for drilling and production and the installation and connection of subsea equipment and wells.
Investment forecasts by other oil companies with operations in Latin America are detailed in BNamericas' recently-published Oil & Gas Capex 2024 report.
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