Iracema

Location and Geology

The Iracema oil field is situated approximately 250 km (160 mi) off the coast of Rio de Janeiro, Brazil, and 33 km (21 mi) northwest of the giant Tupi oil field. It is part of the BM-S-11 block in the Santos Basin, characterized by ultra-deep waters with depths ranging from 2,000 to 2,500 meters (6,562 to 8,202 feet).

Ownership and Operation

The Iracema oil field is operated by Petroleo Brasileiro SA (Petrobras), which holds a 65% stake. Other partners include BG Group (now part of Shell) with a 25% stake, and Galp Energia with a 10% stake.

History and Development

The first well at the Iracema field was drilled to a depth of 5,000 meters (16,400 feet) and completed in September 2009. The field was initially known as Cernambi and was later renamed Iracema, after the Guarani figure from Brazilian mythology.

Production at the Iracema field began in 2010, as part of the Tupi Pilot area. The development involves multiple floating production, storage, and offloading (FPSO) units. By 2020, the field had reached its production plateau following the completion of the FPSO ramp-up in the Tupi North area.

Production Details

• The Iracema field produces oil from the pre-salt Guaratiba Group, with the oil having an API gravity of 32°.
• Initial production tests indicated potential production rates of up to 10,500 barrels per day (bbl/d) of oil and 17 million cubic feet per day of gas.
• The field is expected to produce up to 50,000 bbl/d.
• As of recent updates, the Iracema field, along with the Tupi field, has surpassed the historic 2 billion barrels of oil equivalent (boe) production mark.

Technical Challenges and Innovations

The extraction process at Iracema is particularly challenging due to the depth, thickness of the salt layer, and drastic temperature changes. To overcome these challenges, the consortium has applied innovative technologies and adapted existing ones, including advanced reservoir management methodologies and production optimization techniques.

Expansion and Future Plans

There are ongoing expansion projects associated with the Iracema field, including the Iracema Norte and Iracema Sul development projects, which are currently in the approval stage. These projects aim to identify additional development opportunities that are resilient to low oil prices and to evaluate potential field life extension requests.

Infrastructure and Contractors

The development of the Iracema field involves a network of subsea pipelines and multiple FPSO units. Key contractors involved include DOF and Shearwater GeoServices.

Economic and Operational Impact

The Iracema field, along with the Tupi field, accounts for approximately 3% of Brazil's daily oil output. The fields have been instrumental in Galp's production, and the consortium is actively involved in developing natural gas export infrastructure in the Santos Basin.

Environmental and Regulatory Aspects

The BM-S-11 consortium has submitted updated Plans of Development (PoD) to the Brazilian National Petroleum Agency (ANP), aiming to maximize value creation and extend the field's life. These plans include evaluations for additional development projects and potential field life extensions.

In summary, the Iracema oil field is a significant ultra-deepwater project in Brazil, characterized by its challenging extraction conditions, innovative technological solutions, and substantial contribution to Brazil's oil production.