Brazilian oil company Prio wants to double its oil production by next year. The company’s CEO, Roberto Monteiro, announced this goal during Prio’s ten-year anniversary celebration. Prio expects to increase its daily output from 100,000 to over 200,000 barrels of oil.
Two main projects will help Prio reach this target. First, the company is developing the Wahoo oil field. Wahoo is located off the coast of Brazil, and Prio has invested about $1 billion to get it ready.
The company started drilling there in early 2025 and plans to connect the new wells to an existing platform using an underwater pipeline. This setup saves money and uses what Prio already owns.
Second, Prio recently bought the rest of the Peregrino oil field from another company. This purchase cost $3.35 billion and gives Prio full control of Peregrino.
By owning the whole field, Prio can make decisions faster and aims to add about 60,000 barrels a day to its total production. Prio’s strategy focuses on running its operations efficiently and keeping costs low.
Prio’s Strategic Growth
The company operates its own ships and chooses oil fields that are close together, which helps save time and money. Prio expects its costs to drop as it produces more oil and upgrades its equipment.
However, Prio faces some challenges. The company has had to wait for government permits to finish work at Wahoo, which delayed the start of production. Despite this, Prio remains confident it can reach its goals.
This plan is important for several reasons. It shows that local companies can grow quickly by investing in existing oil fields and using smart technology. Prio’s expansion also supports Brazil’s energy needs and creates jobs in the country’s offshore industry.
All facts and figures in this article come from official company statements and public records. No information has been made up or changed.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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