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December 2, 2021

Iracema Norte Conventional Oil Field, Brazil

By Carmen

Iracema Norte is a producing conventional oil field located in ultra-deepwater in Brazil and is operated by Petroleo Brasileiro. The field is located in block BM-S-11 and BM-S-11 (Tupi), with water depth of 8,203 feet.

An expansion project is associated with the Iracema Norte, namely Iracema Development. This project is currently in the feasibility stage.

Field participation details

The field is owned by Galp Energia SGPS, China Petrochemical, Royal Dutch Shell and Petroleo Brasileiro.


Production from Iracema Norte

The Iracema Norte conventional oil field recovered 39.59% of its total recoverable reserves, with peak production in 2017. The peak production was approximately 139.23 thousand bpd of crude oil and condensate and 135 Mmcfd of natural gas. Based on economic assumptions, production will continue until the field reaches its economic limit in 2043. The field currently accounts for approximately 4% of the country’s daily output.


Remaining recoverable reserves

The field is expected to recover 404.93 Mmboe, comprised of 357.22 Mmbbl of crude oil & condensate and 286.26 bcf of natural gas reserves. Iracema Norte conventional oil field reserves accounts 0.08% of total remaining reserves of producing conventional oil fields globally.


About Petroleo Brasileiro

Petroleo Brasileiro SA (Petrobras) is an integrated company specializing in the oil, natural gas and energy industry. Its major businesses include exploration and production, refining, marketing, trade and transportation of oil and gas. The company also conducts biofuel, natural gas, petrochemical, electricity and chemical businesses, and oil product distribution. It is a major crude oil producer and refiner in Brazil and the South American continent. It also participates in the domestic power market through investments in thermoelectric power plants and renewable energy. Through its subsidiaries and affiliates, Petrobras markets its products in North America, South America, Africa and Asia. Petrobras is headquartered in Rio de Janeiro, Brazil.

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Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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