Perenco Begins Work to Restart Flows at Campos Fields

Perenco has launched a two-year reactivation program for Bagre and Cherne in the shallow waters of Brazil’s Campos basin, expecting a “mid-term” production of up to 15,000 barrels of oil per day (bopd) from the recently acquired fields.

The fields stopped production March 2020 and their two platforms, PCH1 and PCH2, have since been mothballed, previous owner Petroleo Brasileiro SA (Petrobras) said in a statement April 26, 2024 announcing the sale to Perenco. Petrobras had planned to decommission the fields.

“The first step, which is already underway, entails the full integrity revitalization of the PCH1 and PCH2 platforms, systems and associated equipment”, Anglo-French explorer and producer Perenco said in a press release this week. “This integrity revitalization effort will take place throughout the two-year program, with workstreams ranging from the replacement or renovation of turbines and the water treatment systems to the modernization of the metering systems and maintenance or replacement of the upper deck flowlines”.

“The second phase will consist of installing a new 10-inch pipeline connecting the 27-kilometer distance from PCH1 to the Pargo platform, and from there to the FSO Pargo through the existing export line”, Perenco said.

“As part of the plan to upgrade the water injection system, Perenco will also install a water injection line between the PCH1 and PCH2 units.

“The third stage will focus on well interventions and re-entries to enable the resumption of production with 36 wells set to come back onstream. This will include 21 workover campaigns and a further evaluation effort for the best application of gas lift or ESP methods”.

Perenco expects $250 million in capital expenses for the reactivation.

It announced the completion of the transaction to acquire the concessions August 5, 2025.

Petrobras was to receive $10 million for the sale, according to last year’s announcement of the deal.

Perenco already produces in Brazil through the Pargo Cluster, which comprises the Pargo, Carapeba and Vermelho fields in the shallow waters of the Campos basin. Perenco took over the Pargo assets from Petrobras in 2019. In 2021 the government approved the Pargo area’s development plan and extended the license to 2040, according to Perenco.

The Pargo area produces about 20,000 bpd, compared to 2,800 bpd when Perenco took over, according to Perenco. The Pargo area has eight fixed platforms in waters up to 100 meters (328.08 feet) deep, according to Perenco.

With the reactivation of Bagre and Cherne, Perenco expects its production in the South American country to grow to 35,000 bpd.

Elsewhere in the Americas, Perenco and Woodside Energy Group Ltd recently completed a transaction under which Perenco acquired the Australian company’s producing oil and gas assets in Greater Angostura in Trinidad and Tobago for AUD 206 million ($136.52 million).

Perenco’s acquisition included Woodside’s operating stakes in the shallow-water Angostura and Ruby oil and gas fields, which produce about 300 million standard cubic feet a day (MMscfd) of gas or around 12 percent of the Caribbean country’s national gas production, Perenco said in a press release July 11.

Perenco now owns 45 percent of Angostura in Block 2(C) and 68.46 percent in Ruby in Block 3(A). The acquisition also included seven fixed platforms, subsea facilities and an onshore terminal.

“Following this acquisition Perenco’s operations in Trinidad and Tobago will have a gross gas production base of more than 500 MMscfd as well as a gross oil production of more than 10,000 bopd, that can both benefit from significant operational synergies, boost value and enable further investment”, Perenco said.

Before the Greater Angostura purchase, Perenco already produces hydrocarbons in Trinidad and Tobago through its operated Teak, Samaa and Poui fields, acquired 2016, and the Cashima, Amherstia, Flamboyant and Immortelle fields, acquired 2024.

To contact the author, email jov.onsat@rigzone.com