Peregrino Field Offshore Brazil Produces 100 Million Barrels of Oil

Statoil ASA announced Tuesday that the Peregrino field in the Campos basin offshore Brazil has produced 100 million barrels of oil, since April 2011.

The milestone was achieved August 2, according to Statoil, who jointly owns the field with Sinochem. Peregrino is the largest field operated by Statoil outside Norway and accounts for around 12 percent of the company’s international production, which equates to approximately 720,000 barrels per day. The recoverable reserves of the field are estimated to be between 300 and 600 million barrels.

Pal Eitrheim, country manager of Statoil Brazil, commented in a company statement:

"We are pleased to have reached a major milestone in our Peregrino operations. Peregrino demonstrates the power of possible and we are proud to operate a project that is both exciting and challenging. These results reflect the professionalism of our people and the application of technology developed by Statoil, in Brazil and elsewhere. We are constantly learning and we look forward to reaching new milestones as we continue to develop this large field.”

In January 2015, the development plan of Peregrino Phase II was submitted to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP). The plan proposes estimated investments of $3.5 billion and involves a new drilling platform, according to a Statoil statement.