Statoil Starts Oil Production at Peregrino Field

14 April 2011 (Last Updated April 14th, 2011 18:30)

Statoil announced the start of oil production at its Peregrino field, which is located 85km offshore Brazil in licences BMC-7 and BMC-47. Production is expected to be increased gradually to 0.1 million barrels of oil equivalent per day. The initial phase of development inclu

Statoil announced the start of oil production at its Peregrino field, which is located 85km offshore Brazil in licences BMC-7 and BMC-47.

Production is expected to be increased gradually to 0.1 million barrels of oil equivalent per day.

The initial phase of development includes two drilling and wellhead platforms, and a large floating production, storage and offload unit.

The company plans to drill 37 wells using advanced horizontal well technology.

“With the Peregrino field in full operation, Statoil will be the second-largest operator in Brazil, and it offers us an excellent opportunity for future growth in the country,” said Statoil president and CEO Helge Lund. “The Peregrino field is a legacy asset and will contribute significantly to both Statoil and Brazil’s oil production for many years to come.”

The company is also drilling a well at Peregrino South to explore the potential of a field containing 300-600 million recoverable barrels of oil equivalent.