Tear Sheet: Prio S.A.

We now expect overall oil production of about 110,000 barrels (bbl) per day, compared with about 120,000 bbl/day in our previous forecast. Increased production at the Frade, Polvo, and Tubarão Martelo fields won't compensate for lower production at Wahoo and Albacora Leste. The company is still waiting for the environmental permits that will enable it to proceed with drilling campaigns and the start of production at Wahoo. Workers at Brazil?s environmental protection agency, Ibama, have been on strike since Jan. 1, 2024, and it's uncertain when the agency will resume operations. We now assume oil production at Wahoo will begin this August, instead of June as we previously thought. Lower production at Albacora Leste in 2024 will be due to

...March 18, 2024 We revised down our forecast for 2024 production levels at Brazil-based oil and gas producer Prio S.A. because of delays involving the Wahoo and Albacora Leste fields. We now expect overall oil production of about 110,000 barrels (bbl) per day, compared with about 120,000 bbl/day in our previous forecast. Increased production at the Frade, Polvo, and Tubarpo Martelo fields won't compensate for lower production at Wahoo and Albacora Leste. The company is still waiting for the environmental permits that will enable it to proceed with drilling campaigns and the start of production at Wahoo. Workers at Brazil's environmental protection agency, Ibama, have been on strike since Jan. 1, 2024, and it's uncertain when the agency will resume operations. We now assume oil production at Wahoo will begin this August, instead of June as we previously thought. Lower production at Albacora Leste in 2024 will be due to additional stabilization on the FPSO and licenses needed for drilling...

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