PRIO, the largest independent oil and gas company in Brazil, announced today (January 2nd) the official start of its gas commercialization directly to the market, with an initial production of about 300,000 m³/day. The company anticipates a significant increase in natural gas production with the start of production at the Wahoo field in Espírito Santo, which is expected to reach over 1 million m³/day. This move aligns with the company’s strategy of vertical integration, positioning itself to manage all stages of the commercialization process, from production to delivery to end customers.

The operation will utilize the Campos Basin Integrated Flow System (SIE-BC) and will be transformed into various products at the Cabiúnas Natural Gas Processing Unit (UTGCAB), both infrastructures operated by Petrobras. The gas will then be traded with different companies and transported through two pipeline networks originating from Cabiúnas, Macaé, TAG, and NTS.

The company’s strategy ensures a continuous flow without affecting oil production. According to Gustavo Hooper, Head of Trading and Shipping at PRIO, the company has been in talks with various stakeholders, such as industries, distributors, and gas-fired power plants, to build a portfolio that ensures a secure flow and maximizes returns for the company.

"In addition to trading our own gas, we are ready to commercialize gas from other companies and are open to working with all players in the sector. For us, it’s an opportunity to tap into a promising market while having access to the network that delivers natural gas to many regions of Brazil," said Hooper. "Creating the trading company to access the free natural gas market and its derivatives was an important strategic decision for PRIO. It aligns with the moment when our production is growing significantly and when the market is undergoing rapid development."

Wahoo Boosts Gas Production

"The access to infrastructure for serving end customers will occur in early 2025, and the development of the sales portfolio will serve as preparation for the more significant volume coming from Wahoo," highlighted Gustavo.

The Wahoo project will feature a 35-kilometer subsea tieback, the largest in Latin America, and is expected to produce up to 40,000 barrels of oil and over 1 million cubic meters of gas per day, generating more than R$3 billion in royalties for the state (ES) and federal government. The company is awaiting environmental licensing from IBAMA to begin drilling the wells. Even before the field starts operations, the project has already mobilized over R$1 billion in investments in the local supply chain. PRIO is investing a total of approximately R$4.5 billion, with about 80% of this amount allocated to contracts and the development of local suppliers.

About PRIO

PRIO is the largest independent oil and gas company in Brazil, a pioneer in field rejuvenation and extending the productive life of mature fields. Founded in 2015 and currently operating five assets in the Campos Basin, the company focuses on operational excellence, efficiency, safety, and environmental preservation.

A Rio de Janeiro-based company, PRIO has a purpose beyond oil and gas: we aim to extract the best from our energy to transform Brazil into a more efficient place. Additionally, we seek to engage and return this growth to society through initiatives connected to sports, culture, and education, which are part of our sponsorship platform, I ❤ PRIO.