[Brazil] Pargo - FSO Pargo

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Following exploration activities between 2009 and 2015 across offshore blocks in the Espirito Santo basin, Perenco returned to Brazil in October 2019, acquiring production concessions in the Campos basin.



Since then, Perenco has been operating the Pargo, Carapeba and Vermelho concessions with 100% stakes. Theses fields are located 70 km off the coast of the state of Rio Janeiro in water 100 meters deep.

In January 2021, Brazilan regulatory authorities approved the Concessions Development Plan submitted by Perenco, which included the concessions extension until 2040 and also major investment commitments in term of wells intervention and infrastructures such as replacement of the field subsea pipelines ans installation of a floating Storage ans Offloading unit (FSO) 3 kilometers northwest of Pargo, planned from 2022.

The Pargo cluster currently produces 5,000 boepd from 6 production platforms. Discovered in 1975, the three assets offer a STOIIP (Stock Tank Of Initially In Place) of 1.6 billion bbls, 506 million of which have already been produced. Currently, all the crude oil is exported through the Garoupa platform to the onshore terminal of Cabiunas, owned by Petrobas.

Perenco's investment strategy aims to optimize production to gradually reach production level of 20.000 bopd of oil reached.

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Perenco Brazil’s FSO ‘sets sail” to Pargo Cluster offshore Brazil

18 Jan 2023



(World Oil) — Perenco Brazil announced that the Floating Storage and Offloading (FSO) vessel, “FSO PARGO”, left Dubai and is on its way to the Pargo Cluster in the Campos Basin offshore Brazil. Once moored on location, the FSO will be central to the extension of Perenco Brazil’s offshore performance.

“FSO Pargo”, a double-hull vessel built in 2004 that has a 750,000 bbls storage capacity, is expected to be on location in March, moored in April and operational in August 2023, following final licensing approval.

The FSO conversion work began in September 2021 at DryDocks World, Dubai, to extend its service life by 20 years, adapting the vessel to the Brazilian standards and including modifications, such as the installation of an external turret mooring system, a helideck, a metering skid, an extra crane, a new offloading system and export line.

Commenting on today’s announcement Yves Postec, General Manager, Perenco Brazil, said, “We are pleased to confirm the sail away of the FSO, which is a key part of Perenco Brazil’s $400 million Pargo Development Plan. Perenco´s deep technical expertise in the successful operation of mature fields has been clearly evident in the Pargo Cluster, where we have now completed three years of safe operations.”

Pargo Cluster Development Plan

Daily production from the Pargo Concession, which comprises the Pargo, Carapeba and Vermelho fields is now approximately 12,000 bopd, an increase of almost 300% from the 2,800 bpd when Perenco Brazil took over the Pargo Cluster in October 2019.

Since that time, Perenco Brazil has focused on resuming operations, redeveloping the cluster and continuing to deliver multiple important investment projects as part of the Pargo Cluster Development Plan.

These include an ambitious work plan for 2023:

• installation in January of two new pipelines from the Carapeba and Vermelho fields to the Pargo units

• intensive well works with up to three simultaneous workover units in operation

• the upgrade of the Pargo water treatment system

• resuming operation of the Vermelho 1 and 2 platforms

• reservoir assessments for potential new plays.

Combined, these projects will contribute to the company's continuing organic growth in Brazil and will enable the next production milestone of 15,000 bpd by the end of 2023.

Perenco Brazil holds a 100% stake in the Pargo Concession. The Pargo Development Plan was formally approved by the Brazilian authorities in early 2021, along with extending Perenco’s rights on the concessions until 2040.