PRIO Sees 5.2% Oil Production Dip Amid Maintenance and Pump Failure

PRIO, an offshore oil producer, reported a 5.2% decrease in production to 186,100 barrels of oil equivalent per day in August due to scheduled maintenance and pump failure.

The decline was attributed to three assets: Albacora Leste, Bravo cluster (including Polvo and Tubarão Martelo), and Peregrino, where the company holds an 80% stake. The reason for the decrease was a partial shutdown of the plant for maintenance at Albacora Leste, a temporary shutdown of well OGX-44HP in the Bravo cluster due to repairs, and a failure in the submersible centrifugal pump at Peregrino's C-16 well.

On the other hand, a new well, A-13, began production on August 10 with an initial flow rate of 6,000 barrels per day. However, this addition did not compensate for the cumulative loss from the shutdowns.

The company attributed the decrease in sales to the timing of loadings rather than actual production levels. Sales grew 15.2% in August due to two loadings, while the following month saw a decline with only one loading.