WTI $69.48
Brent $73.64

Brazil Operations - sold in 2023

Tartaruga Light Oil Field

The Tartaruga light oil field was discovered in 1994. The discovery well found oil in a sandstone that normally does not contain hydrocarbons in this part of Brazil. Following testing operations, the well was placed on production almost immediately. After producing free flowing oil for almost 14 months, the Operator recompleted the well to a shallower zone. This zone still produces light oil with artificial lift.

In February 2023, Maha completed the sale of Maha Energy Brasil to PetroRecôncavo

Tartaruga Gallery

The History of Tartaruga

In 2008, a second well was drilled to appraise the structure. A deeper target was penetrated, and although the penetration point is clearly off the structure, the Operator believed that an oil water contact was discovered. 3D seismic has been acquired over the block and the deeper objective is clearly defined and it is likely that a well in a structurally better position will encounter hydrocarbons.

Later in 2010, a sidetrack was drilled from the 2008 well to access oil in the producing reservoir. A Drill Stem Test (DST) conducted in a deeper pay zone yielded oil, but mechanical problems during the test prevented the zone from being completed. The Operator moved up hole and completed the same zone that was produced during the 1994 – 1996 period.

The second well on the Tartaruga Field has only been in intermittent production since 2010, mainly due to problems with an Electrical Submersible Pump (ESP). In 2015, the Operator changed the artificial lift system to a jet pump in order to address the shortcomings of an ESP.

Maha has increased production at Tartaruga between 2017 and 2020 by 586%*.

* Based on average monthly gross production volumes measured between February 2017 and June 2020.

Tie Light Oil Field

The Tie light oil field was discovered in 2009. Maha purchased the field in 2017 and immediately embarked on an expansion project of the field and the oil processing facilities. At acquisition, the Tie field was producing 1300 BOPD and the processing facilities were rated to handle up to 2000 BOPD.

During 2018 and 2019, Maha recompleted two wells and placed them on jet pumps. Maha also drilled a new producer at the crest of the structure. In parallel to the recompletions and drilling, the Tie field processing facilities were upsized to handle and process 5000 BOPD. In 2020, Maha installed two large compressors to provide the ability to reinject any unsold associated natural gas. The compression system allows the field to continue to produce oil even if the associated gas offtake is interrupted. 

The oil is trucked to two customers nearby and the associated gas is compressed and also sold on the local market.

The Company also hold interests in 6 other exploration blocks in the Reconcavo Basin. These blocks are in varying stages of exploration.