Following exploration activities between 2009 and 2015 across offshore blocks in the Espirito Santo basin, Perenco returned to Brazil in October 2019, acquiring production concessions in the Campos basin.
Perenco's activities in Brazil
Since then, Perenco has been operating the Pargo, Carapeba and Vermelho concessions with 100% stakes. Theses fields are located 70 km off the coast of the state of Rio Janeiro in water 100 meters deep.
In January 2021, Brazilan regulatory authorities approved the Concessions Development Plan submitted by Perenco, which included the concessions extension until 2040 and also major investment commitments in term of wells intervention and infrastructures such as replacement of the field subsea pipelines ans installation of a floating Storage ans Offloading unit (FSO) 3 kilometers northwest of Pargo, planned from 2022.
The Pargo cluster currently produces 10,000 boepd from 6 production platforms. Discovered in 1975, the three assets offer a STOIIP (Stock Tank Of Initially In Place) of 1.6 billion bbls, 511 million of which have already been produced. Currently, all the crude oil is exported through the Garoupa platform to the onshore terminal of Cabiunas, owned by Petrobas.
Perenco's investment strategy aims to optimize production to gradually reach production level of 20.000 bopd of oil reached.