PRIO announced the completion of the fourth and final producing well planned for the Wahoo Field development, bringing the project to its initial production configuration in Brazil’s Campos Basin.
With all four wells now online, Wahoo is expected to operate at its planned production capacity of approximately 40,000 barrels of oil per day, with each well contributing around 10,000 barrels per day.
The development is directly aligned with PRIO’s strategy of increasing production through brownfield projects, subsea tiebacks and operational optimization, rather than relying solely on large-scale greenfield developments.
Wahoo also strengthens the company’s position in the Campos Basin, where the Valente Cluster, comprising the Frade and Wahoo fields, continues to play an increasingly important role in PRIO’s production portfolio. In May, the cluster averaged approximately 55,600 barrels of oil per day, while the company reported total production of around 164,800 barrels of oil equivalent per day.
Why it matters As mature offshore fields continue to attract investment, projects such as Wahoo demonstrate how infrastructure optimization, subsea integration and brownfield development continue to unlock production growth while extending the productive life of existing offshore assets. The project also reinforces the strategic importance of the Campos Basin, where operational efficiency increasingly plays a central role in Brazil’s offshore production landscape.
Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.
PRIO announced the start-up of the third producing well at the Wahoo Field, in the Campos Basin, with production stabilized at approximately 10,000 barrels of oil per day.
With three wells online, field output has been adjusted to around 32,000 barrels per day as part of the ramp-up process. The company expects to bring a fourth well online by the end of April, which should increase production to approximately 40,000 barrels per day.
As the first field fully developed by PRIO, Wahoo is connected to the Frade Field through a subsea tieback of approximately 30 km, with processing carried out by the FPSO Valente, which has a capacity of up to 100,000 barrels per day.
In March, PRIO reported total production of approximately 161,000 barrels of oil equivalent per day, representing an increase of around 8% compared to February.
PRIO reported that it has received from Ibama an amended drilling license for the Frade Field. With this authorization, the company will be able to drill up to 14 new wells in the asset, located in the Campos Basin.
The operation is expected to be carried out using the offshore drilling unit Hunter Queen, capable of operating in deepwater environments and supporting both drilling and intervention campaigns. The unit was acquired by PRIO from Foresea in 2022. The field is currently operated by the FPSO Valente, which has a production capacity of up to 100,000 barrels per day. In the fourth quarter of 2025, Frade recorded an average production of approximately 31,500 barrels per day.
The unit is characterized as a 6th-generation semi-submersible drilling rig equipped with dynamic positioning, capable of operating in water depths of up to 3,000 meters and supporting complex offshore drilling campaigns. Built in 2011 in Singapore, it can accommodate around 180 personnel.
PRIO also stated that it will disclose the schedule for the new drilling activities in due course.
With commissioning in its final phase, production will take place via a subsea tieback to the FPSO at Frade Field, leveraging existing infrastructure and optimizing capex.
PRIO acquired a 35.7% stake in Wahoo from bp in 2020. The field is estimated to hold more than 140 million barrels of recoverable resources.
WSB is pleased to provide an update on the current long-term tenders that are open to offer.
Open tenders:
What has changed?
Petrobras At least 1x PLSV: Opportunity 7004549819 released January 14th, 2026.
What else is happening?
Floatel Victory is due to move to Karoon for a 4-6-month period after the end of its contract with PRIO, scheduled for Q1 2026 (following takeover of the field from Equinor). Rumors of a PSV will also support the floatel operation, providing supply duties to the accommodation unit.
Lagunero has arrived at the Guanabara Bay anchorage, where it is preparing to start an accommodation contract with Petrobras.
Competitive market: a high number of PSV bids is expected in the ongoing in the TechnipFMC tender, in light of Petrobras’ slowing down chartering demand.
OTSV Marina I has gone through an early termination by Petrobras for not meeting the technical/operational required performance
PRIO is evaluating a possible interconnection between the FPSOs serving the Peregrino and Tubarão Martelo fields, following the model applied in the Phoenix Project, which integrated Polvo and Tubarão Martelo to reduce costs and boost operational efficiency. The assessment considers the technical and economic viability of a configuration that would allow optimized processing, injection and flow between units, creating a more integrated hub in the Campos Basin.
The initiative aims to capture three core effects: lower OPEX through reduced dependence on charters and diesel consumption, extended reservoir life with higher recovery factors, and more efficient asset utilization by balancing load across platforms. Any advancement will depend on confirming pipeline integrity, system compatibility, regulatory requirements and potential environmental licensing needs.
In the market, the evaluation is interpreted as a natural continuation of the company’s strategy of integrating infrastructure in mature fields, developing more flexible configurations with improved production predictability. The arrangement would reinforce the ongoing trend toward mid-sized hubs in the Campos Basin, lowering unit costs and strengthening operational resilience in the region.
PRIO has completed the acquisition of a 40% interest and operatorship in Peregrino Field, Campos Basin — increasing its stake to 80%.
Key facts:
The deal adds about +40,000 barrels per day (bpd) to PRIO’s output, taking total production above 150,000 bpd.
Transaction value for this first phase was US$ 1.545 billion, with the remaining 20% stake expected to close by mid-2026.
Peregrino, discovered in 2004 and on stream since 2011, produces heavy oil via FPSO and three fixed platforms. Cumulative output already exceeds 300 million barrels.
PRIO now holds operatorship, positioned to optimize logistics, reduce lifting costs, and integrate operations across its mature-asset portfolio.
The company estimates surpassing 200,000 bpd within eight months — driven by the startup of the Wahoo Field and the expected closing of the remaining 20% Peregrino interest.
For former operator Equinor ASA, the divestment aligns with its strategy of focusing on higher-growth assets such as Bacalhau.
PRIO’s new role as majority operator at Peregrino marks a key moment in Brazil’s offshore evolution — local players taking lead in mature fields and driving value through efficiency and integration. For PRIO, the acquisition cements its position as Brazil’s leading independent upstream company, while Equinor repositions toward next-generation pre-salt and gas projects.
Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.
The Expomag Convention Center in Rio de Janeiro hosted OTC Brasil 2025 from October 28 to 30, bringing together key stakeholders from across the oil, gas, and energy value chain. Inspired by the traditional OTC Houston, the conference gathered thousands of attendees and reinforced Brazil’s role in the global offshore industry.
WSB Advisors attended the event with a delegation representing commercial, technical, content and HSEQ functions: Raphael Montes (Proposals Manager), Pedro Pellegrini (Shipbroker Intern), Romulo Bacchiega (Head of Content & Sales), Ronaldo Lima (Senior Advisor), Genesio Ramos (New Building Lead), Jake van den Dries (Partner & HSEQ Lead), and Daniel Buckley (Chartering Manager). Their presence underscored our commitment to following industry trends and strengthening strategic relationships across the energy ecosystem.
OTC Brasil (Source: Ronaldo Lima/WSB Advisors)
Under the theme “The future of deepwater technologies: connecting oil, gas and renewables,” this year’s edition highlighted the potential of Brazil’s Equatorial Margin, along with discussions on AI, CCUS, offshore wind, and diversity. The program featured more than 200 exhibitors and 150 speakers, including executives from Petrobras, Shell, Equinor, TotalEnergies, Chevron, SLB and TechnipFMC, as well as government representatives from Amapá, home to Petrobras’ FZA-M-059 exploration block.
The exhibition floor reflected strong participation from industry players such as Porto do Açu, Camorim and Posidonia, in addition to offshore equipment and service providers, IBP, and DNV. The audience ranged from C-level leaders to entrepreneurs, students and operational professionals, reinforcing the event’s collaborative profile.
A technical highlight was TotalEnergies’ presentation of a new, safer and more efficient polymer technology for well cementing operations on drillships.
Held every two years, OTC Brasil remains a key forum for networking, business development and knowledge exchange shaping the future of the Brazilian offshore industry. For WSB Advisors, the event was an opportunity to deepen market insights, strengthen partnerships and reaffirm our role in supporting clients through the evolving energy landscape.
In addition to the exhibition, WSB Advisors also attended parallel events such as Triunfo Cocktail Party at EXC Rio.
Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.
WSB is pleased to provide an update on the current long-term tenders that are open to offer.
What has changed?
Petrobras At least 1x LH: Opportunity 7004497614 new deadline October 30th, 2025;
Petrobras At least 1x FSV: Opportunity 7004492292 new deadline October 30th, 2025;
Petrobras At least 1x LH: Opportunity 7004484466 new deadline October 30th, 2025;
What else is happening?
Skandi Chieftain and Skandi Olympia have been awarded 4-year RSV contracts with Petrobras, valued at approximately USD 200 million, with delivery expected in October 2026.
FPSO Peregrino
The FPSO Peregrino, operating in the Campos Basin, officially resumed production on October 17, 2025, following authorization from ANP. The platform, operated by Equinor, will now begin ramping up output after being offline since August 2025, when production was halted due to operational safety procedures.
The restart marks an important step for PRIO, which holds a 40% interest in the field. The remaining 60% stake in the Peregrino field is currently being acquired from Equinor, in a transaction expected to significantly expand PRIO’s operated portfolio in the Campos Basin.
The Peregrino FPSO produces heavy oil from shallow waters and has been a key contributor to Brazil’s offshore production since it first came online in 2011.
FPSO Peregrino (Source: Equinor)
Key Offshore Updates
Halliburton has signed new contracts to support operations in deepwater fields in the Santos Basin, with activities set to begin in 2026. In the Búzios field, the company will deploy SmartWell technology to optimize production, while in the Sépia and Atapu fields, it will supply EcoStar electric safety valves. The Stim Star Brasil vessel will also perform stimulation services to enhance the productivity and efficiency of Petrobras’ reservoirs.
SBM submitted the best proposals in Petrobras’ tender for the SEAP I and II FPSOs, valued at approximately US$ 4 bi. Petrobras now review compliance with technical and contractual requirements before awarding the contracts. Both units will follow the Build, Operate, and Transfer (BOT) model, under which the contractor is responsible for construction, operation, and later transfer of the assets. SEAP 2 is expected to begin operations in 2030.
The SEAP project forms part of Petrobras’ broader strategy to accelerate production growth and improve access to financing.
Petrobras has announced plans to restart operations of the FPSO Cidade de Angra dos Reis in the Tupi field, following compliance with safety requirements established by Brazil’s regulatory agency, ANP . The unit has been offline since February but is expected to return to service.
The FPSO Cidade de Angra dos Reis has a production capacity of up to 50,000 barrels of oil per day and has been operating in the Tupi field since October 2010. It was the first large-capacity FPSO to begin production in the Santos Basin pre-salt area, marking a key step in Brazil’s offshore development
FPSO Cidade Angra dos Reis (Source; Petrobras)
FPSO Bacalhau
The FPSO Bacalhau has officially begun production in the Santos Basin pre-salt, marking a major step in Brazil’s offshore development. Operated by Equinor in partnership with ExxonMobil and Petrogal, the unit is among the most advanced ever deployed in the country, a 370-meter-long and 64-meter-wide floating production system with capacity to process 220,000 barrels of oil per day and store up to 2 million barrels.
Production started on October 15, 2025, at the Bacalhau field, located about 185 km off the coast of Ilhabela (São Paulo), in water depths exceeding 2,000 meters. The first phase includes 19 wells that will be gradually brought online during the ramp-up period.
The field’s recoverable reserves exceed 1 billion barrels of oil equivalent (boe), making it one of the largest deepwater projects under development outside Petrobras’ direct operation. The FPSO, supplied and operated initially by MODEC, integrates combined-cycle gas turbines (CCGT) and advanced CO₂-abatement systems designed to keep carbon intensity around 9 kg per boe.
Ownership is distributed among Equinor (40%, operator), ExxonMobil Brasil (40%), and Petrogal Brasil (20%), with PPSA overseeing production sharing over its expected 30-year lifetime.
Special Westhon Media
Media reports say the AHTS Suvarna has been abandoned in Rio’s Canal do Cunha — leaking oil, listing, and the subject of investigations and actions against current responsible Superpesa.
The once-formidable AHTS trio – Suvarna, Sudaksha and Subhiksha – were originally part of Varun Shipping’s fleet, left adrift during the oil downturn and later registered under Wilson Sons, left over with the local shipping company.
Today?
The Brazilian Navy, Tribunal Marítimo, and ANTAQ have no record whatsoever of these vessels. They’ve been sold, scrapped, or simply vanished.
FACT CHECK:
Only Suvarna still “exists” – barely floating, rusting and spilling in the shadows of Guanabara Bay.
Sudaksha and Subhiksha? Dismantled. One of their keels now lies underwater, literally.
Yet, some “global databases” still list all three as tonnage.
Not on WSB-One.
At WSB-One.com, ships don’t vanish – they’re verified.
Next Thursday: “Por onde anda VARADA MARESIAS?”
Stay tuned.
Source: Internet
WSB at UFRJ
At the invitation of the Naval League, WSB Advisors held a special talk yesterday (October 14th) for students of Naval and Ocean Engineering at UFRJ. Four WSB professionals shared their experiences and insights on the current landscape and future opportunities in the naval and offshore industries — both essential pillars for Brazil’s energy and economic development.
Source: Plínio Ruan dos Santos Lima/Liga Naval
The two-hour roundtable was moderated by Raphael Montes (Proposals Manager) and featured Paulo Rolim (Advisory Lead), Ronaldo Lima (Senior Advisor), and Pedro Pellegrini (Intern and Naval Engineering student at UFRJ). Together, the group fostered an enriching and intergenerational dialogue, combining different but complementary perspectives on professional growth in the industry.
Source: Plínio Ruan dos Santos Lima/Liga Naval
During the discussion, WSB Advisors explained how the commercial segment operates within the naval industry, emphasizing that there is much more beyond structural calculations, EPCI projects, and classification societies. The speakers highlighted that shipbroking does not necessarily require an engineering background — although a solid understanding of vessel design and operations is a valuable advantage.
Ronaldo Lima, a civil engineer by training, shared his experience transitioning from a technical foundation into the commercial and financial sides of the offshore sector, detailing the challenges and opportunities that come with this shift.
Paulo Rolim emphasized that even in uncertain market cycles, there will always be space for skilled professionals. With five decades of experience as a naval engineer, he underlined the importance of internships, continuous learning, and the university experience as key elements in developing maturity and professional confidence.
Closing the session, Pedro Pellegrini spoke about the importance of building a strong and authentic professional network — even for those pursuing purely technical paths. He highlighted how his time at WSB Advisors has broadened his perspective, giving him a comprehensive understanding of the sector and its main players — from shipowners and charterers to drillers and service companies.
The event concluded with remarks from Plínio Ruan dos Santos Lima, Vice President and Marketing Coordinator of the Naval League, who expressed his gratitude:
“The Naval League is deeply thankful for WSB Advisors’ participation. Events like this show students the real-world side of naval engineering and its many opportunities while inspiring us with the speakers’ experiences. Every word was received with enthusiasm and will serve as valuable guidance for our professional journeys. One question that remains is: what’s more challenging — moving from the technical side to the commercial area, or the other way around?”
Staff Announcement
WSB Advisors is pleased to welcome Romulo Bacchiega, who joins the company as Head of Content & Sales.
Born in Niterói (RJ), Romulo joined the team in late October with the mission of strengthening WSB Advisors’ communication and marketing departments while fostering strategic partnerships with leading offshore market players.
With a solid career since 2004 in the Oil & Gas and Naval sectors, he brings extensive experience in technical procurement, negotiation and EPC contract management. Over the years, he has worked with major shipyards and international companies, leading acquisitions of equipment, materials and services for large-scale projects — including the construction of ships and offshore platforms.
Fluent in English and skilled in the use of Generative AI tools, Romulo holds a degree in Business Administration from ESPM, a postgraduate degree in Project Management from COPPEAD/UFRJ, and is currently pursuing postgraduate studies in Digital Journalism and Communication at FAAP. He is recognized for his strong negotiation skills, strategic vision in procurement and proven ability to optimize processes and manage relationships with global suppliers.
We are excited to have Romulo on board and look forward to his contributions and growth within the group.
“It is a great pleasure and honor to join such a highly qualified and dedicated team as the one I’ve found at WSB. I am confident that we will achieve excellent results together, delivering information with accuracy and credibility while contributing to the development of the naval, offshore and energy sectors through WSB’s valuable market intelligence,” said Bacchiega.
WSB is pleased to provide an update on the current long-term tenders that are open to offer.
Open tenders:
What has changed?
Petrobras At least 1x LH: Opportunity 7004497614 new deadline October 30th, 2025;
Petrobras At least 1x FSV: Opportunity 7004492292 new deadline October 30th, 2025;
Petrobras At least 1x LH: Opportunity 7004484466 new deadline October 30th, 2025;
What else is happening?
Skandi Chieftain and Skandi Olympia have been awarded 4-year RSV contracts with Petrobras, valued at approximately USD 200 million, with delivery expected in October 2026.
Bacalhau field in the Santos Basin has officially started production, marking a key milestone for Equinor and its partners, with the field set to produce safely, efficiently and with production emissions half the industry average.
The FPSO Peregrino, operating in the Campos Basin , officially resumed production on October 17, 2025, following authorization from (ANP). The restart marks an important step for PRIO, which holds a 40% interest in the field. The remaining 60% stake in the Peregrino field is currently being acquired from Equinor, in a transaction expected to significantly expand PRIO’s operated portfolio in the Campos Basin.
The FPSO Peregrino, operating in the Campos Basin, officially resumed production on October 17, 2025, following authorization from (ANP). The platform, operated by Equinor do Brasil, will now begin ramping up output after being offline since August 2025, when production was halted due to operational safety procedures.
The restart marks an important step for PRIO, which holds a 40% interest in the field. The remaining 60% stake in the Peregrino field is currently being acquired from Equinor, in a transaction expected to significantly expand PRIO’s operated portfolio in the Campos Basin.
The Peregrino FPSO produces heavy oil from shallow waters and has been a key contributor to Brazil’s offshore production since it first came online in 2011.
Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.
PRIO is gearing up for a landmark year in 2026 with two major subsea tie-backs that could significantly enhance its production profile in the Campos Basin.
The first, and by far most ambitious, is Wahoo–Frade: approximately 30 km of subsea connection between the Wahoo field and the FPSO Valente (formerly FPSO Frade). The project is expected to add ~40,000 barrels per day to Valente, improving cost efficiency by lowering lifting costs. Earlier this year, IBAMA granted the preliminary environmental licence, covering the interconnection of up to 11 wells, producers, injectors and contingency wells, without the need for a new stationary production unit. The development will rely on production and injection pipelines, umbilicals, subsea control and power systems, and associated equipment.
The second tie-back is Albacora Leste, where PRIO will connect a marginal reservoir north of the field to the FPSO Forte (former P-50) via a 12 km subsea link.
While both projects strengthen PRIO’s position in the Campos Basin, they also bring challenges. Execution timelines, subsea equipment requirements and FPSO adaptations will be key to meeting production targets. Large-scale tie-backs of these type demand not only technical precision but also robust asset integrity strategies.
Some of these insights were shared by PRIO during Rio Pipeline & Logistics 2025.
Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.
