Prio is focusing on stabilizing production at its Peregrino shallow-water field and advancing the Wahoo pre-salt development in Brazil's Campos basin.

Peregrino Field Revitalization

At the Peregrino field, Prio plans a 2026 drilling campaign of up to six wells—three oil producers and three water injectors—to maintain production near 100,000 barrels per day. A key prospect is the Isolado pre-salt structure, located below the main reservoir and first mapped by the former operator over a decade ago. Success here could open a new frontier for Prio in the field. Additionally, the company will invest $100 million to repair a 15-kilometer gas import pipeline damaged by a vessel in 2023, with part of the cost covered by insurance. As part of its strategy to revitalize mature fields, Prio expects Peregrino's 2026 operational expenditure to be $309 million, a 49% decrease from 2025.

Wahoo Pre-Salt Development

First oil from the Wahoo pre-salt development is scheduled for late March or early April 2026. The development campaign involves the semi-submersible rig Hunter Queen, which has completed the first two of four planned oil producers. Drilling of the third well is underway, with the fourth to follow. Supporting vessels are also on site for pipelaying and construction. Once on stream, Wahoo is expected to produce about 40,000 barrels per day via a subsea tie-back to the FPSO Valente in the nearby Frade field.

Additional Projects

Prio is also planning the third revitalization phase at the Frade field for next year and aims to commence production from the Arapuca pre-salt discovery within the Albacora Leste field ring-fence in 2027. The company achieved a record production of 138,800 barrels per day in November, including its stakes in Peregrino, Albacora Leste, Frade, and the Polvo-Tubarao Martelo cluster.