StatoilHydro said that the major achievement of the development phase has been the increase in expected reserves, which are now in the range of 300 to 600 million barrels of oil. Hydro purchased 50% of the license in 2005. At that time, the recovery factor for the heavy oil field was estimated to be 9%.
The handover of the operatorship complies with an agreement between former licensees. In accordance with the agreement, Anadarko will take over the operatorship for the project execution and operations phases.
The production facilities are designed to allow for the future implementation of enhanced oil recovery methods. Infill drilling from the spare slots and the potential use of multilateral wells may further increase the recovery factor from the reservoir.
The Peregrino field is located about 85 kilometers offshore Brazil in about 100 meters of water. The first phase of the development includes two drilling and wellhead platforms and a floating production storage and offloading vessel.
