The Brazilian oil company Petro Rio on Wednesday announced production start-up for the MUP5 well in the Frade offshore field in Brazil.
Petro Rio said that the stabilized initial production of approximately 8,000 barrels of oil per day, above original projections, increasing the Field’s production by 25% and the company’s production by 10%.
With this weel, the company said it had reached the milestone of 80,000 barrels per day in production in total.
"The MUP5 well, the third producing well of the Frade Revitalization Plan, was executed in a shorter timeframe than initial projections and almost 1 year ahead of initial planning, with a total cost of $50 million for its construction and subsea connection," the company said, adding that it would keep the market informed of new developments in Frade’s Revitalization Plan.
