PRIO: Wahoo's update

In an event with business representatives, PRIO reinforced it’s ready to start drilling in the Wahoo field, Campos Basin. All that’s missing is the Brazilian Institute for Environment and Renewable Natural Resources approval. The expectation is that the first oil will be extracted in this year’s third
quarter with an estimated 40 thousand boed, going until 2052.

The production will be possible through a pioneering submarine tieback project in Latin America that is 32 km long. This will connect the Wahoo wells to the FPSO Valente, which is owned by PRIO itself and operates in the Frade field, also in Campos Basin. A McDermott vessel will do the tieback and should arrive in Brazil between April and May.

PRIO also reported that the project already generates around R$860 million in investments in the supply chain of local suppliers. The company must pay
R$2.5 billion in royalties to the state and municipalities of the state
of Espírito Santo.