By Brazil Stock Guide – Prio S.A. (PRIO3), Brazil’s largest independent oil and gas producer, has received an installation license from Ibama, the country’s environmental regulator, to develop the Wahoo field and connect its wells to the Frade FPSO. The announcement was made in a regulatory filing on Sept. 15.
The authorization clears the way for subsea construction and tieback activities at Wahoo, with the contracted pipe-laying vessel expected to arrive in Brazil in October.
Prio projects first oil between March and April 2026. The initial development phase includes four producing wells, followed by the drilling and connection of injector wells. The company estimates total investment in the project at $870 million.
The move strengthens Prio’s expansion strategy of acquiring, redeveloping and optimizing assets to boost production while maintaining financial discipline and environmental safeguards.