PetroRio Starts Production from TBMT-10H Well in Tubarao Martelo Field

Source: www.gulfoilandgas.com 10/26/2021, Location: South America

PetroRio has announced the start of production of the TBMT-10H well, in the Tubarao Martelo field ('TBMT'), with initial production of approx. 3,800 barrels of oil per day, still in the assessment period.

The TBMT-10H well was drilled in 2013 and upper completion, installation and connection to the Bravo FPSO, recently accomplished by PetroRio, represents an investment of US$ 17.5 million, with an estimated payback period of less than 3 months.

The well’s estimated recoverable volume of 3.7 million barrels will be reclassified from Proven Undeveloped Reserves to Proved Developed Producing Reserves in the next reserves certification report.

This incremental production will also benefit from the royalty rate reduction of 5%, as approved by ANP in July 2021.

The well’s start of operation is another step in the cluster’s revitalization and life extension, both fundamental parts of PetroRio’s business strategy.


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