Sinochem Corporation, through its subsidiaries, offers exploration and production of oil and gas. It also offers energy, agriculture, chemical, real estate, and financial services. The company’s energy business activities include the exploration and production of oil and gas, as well as oil trading and refining, storage and logistics, and distribution and retail. Its agriculture business offers production, distribution, and sale of fertilizers, seeds, and pesticides. The company’s chemical business provides fluorine chemicals, natural rubber, petrochemical feedstock, and pharmaceuticals, as well as chemical logistics and distribution services. Its real estate business develops and operates u...
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Statoil ASA and Sinochem Corporation Submit Plan of Development for Peregrino Phase II Project to National Agency of Petroleum, Natural Gas and Biofuels
Mar 10 15
Statoil ASA and Sinochem Corporation have submitted the plan of development, or PoD, to the National Agency of Petroleum, Natural Gas and Biofuels, or ANP, for Peregrino Phase II project in Rio de Janeiro, Brazil. The project entails a new well head platform and drilling rig (Platform C) and adds approximately 250 million barrels in recoverable resources to Peregrino field. The project entails investments of approximately USD 3.5 billion. The Peregrino Phase II will enable the extension of the economic life of the Peregrino field in Campos Basin, Offshore Brazil. Brazil is a core area for Statoil and Phase II is an important and strategic element in Statoil's ambition to continue to build a strong position in the country. The Peregrino field has a good track record, with more than 90 million barrels produced since first oil, in April 2011. Based on the current plan, Peregrino Phase II is expected to start production towards the end of the decade, but Statoil will make adjustments to the schedule should that be necessary. The project team will look into further savings through simplification, standardization and a tailor made execution strategy thus improving return over investment. The current solution consists of a wellhead platform with a drilling unit (WHP-C) tied-back to the existing FPSO Peregrino. The facilities contains standalone power generation and will export power to WHP-A. Phase II will enhance production from the Peregrino field by increasing the number of production wells from a new area (Peregrino Southwest), which is not reachable by the existent platforms A and B. A total of 21 wells - 15 oil producers and 6 water injectors - are planned to be drilled as part of the Phase II development. All the production and injection wells in the Phase II development are planned to be drilled from one new drilling centre, WHP-C installed in 120 m water depth. With platform C, the company will increase well potential and be able to continue producing in Peregrino field for a longer period of time. The expected recoverable resources from the Phase II development within the concession period (until end of 2040) are 250 million barrels.