Prio’s Oil Production Drops 5% in February Amid Technical Challenges

Prio SA reported a production decline to 108.56 thousand barrels of oil equivalent per day (boed) in February 2025. The company’s latest operational data shows a 5.14% decrease from January’s output of 114.45 thousand boed.

Technical difficulties hampered production across multiple fields. Campo de Frade yielded 38.15 thousand boed, with output suffering from a gas compression system failure.

The Polo Polvo and Tubarão Martelo cluster produced only 10.27 thousand boed after two wells shut down due to submersible centrifugal pump failures. Prio awaits approval from IBAMA, Brazil’s environmental agency, to begin workover operations on these wells.

Campo de Albacora Leste, where Prio holds a 90% stake, delivered 22.34 thousand boed. Production there fell because of a refurbished compressor replacement. Campo Peregrino, with Prio’s 40% interest, produced 37.74 thousand boed.

Despite production challenges, Prio sold 3.40 million barrels of oil in February. Campo de Frade contributed 1.4 million barrels to total sales. Albacora Leste delivered 901.2 thousand barrels, while Peregrino added 727.1 thousand barrels.

Polo Polvo and Tubarão Martelo contributed 376.7 thousand barrels. The February decline follows January’s strong performance, when production jumped 8% compared to December 2024.

Prio’s Long-Term Optimism Amidst Setbacks

Prio maintains optimistic long-term projections despite these temporary setbacks. The company expects its production to reach approximately 120,000 boed in 2025.

This growth hinges partly on the Wahoo field development. Prio recently obtained environmental licenses from IBAMA to explore Wahoo, which should add 40,000 boed to production.

Full development of current assets might push Prio‘s output to 150,000 barrels daily by year-end and 170,000 barrels daily in 2026. Wahoo’s contribution remains contingent on regulatory approvals and successful implementation of development plans.

Prio continues to strengthen its position among Brazil’s leading junior oil companies. The company’s strategy focuses on revitalizing mature fields and implementing cost-effective operational approaches.

Their low lifting cost structure provides competitive advantages against other market players even during periods of fluctuating oil prices.

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