The Giant field of Roncador was by far the largest discovery made in Brazil in the 90´s. Its approved Development Plan relies on its separation in four modules, due to significant reserves involved and difference among oil characteristics found. The field is already producing with SS P-52 and FPSO P-54 since 2007, for modules IA and II respectively. Soon the field will also count with SS P-55, which will start operations for Module III in 2013 and FPSO P-62, which will have its first oil for Module IV at the first quarter of 2014, and represents the focus of this work.The Roncador Module IV is located at the center of the block, placed on the northeast of Campos Basin, 125 KM far away from the Brazilian coast. Currently, its reserves are over 500 MM boe, saturated with 18 º API heavy oil. The wells are being constructed in ultra deep waters, with variations depths between 1650 and 1750 meters of water column. This paper presents an overview of the project, including strategic drivers adopted on its design, which sought to mitigate risks and reduce deployment costs, as well as its scope and the journey since the selection of alternatives through the current status, with the FPSO P-62 under final phase of construction and assembling at the Estaleiro Atlântico Sul Shipyard in Recife and near the beginning of its operation in the Roncador field. The operation in advance of four wells (three producers and an injector one) using the already installed infrastructure of the field, will also be presented in this work.

The oil shock of the 1970s challenged O&G operators for a step change in R&D with direct impact on investments in new production frontiers, such as the Brazilian offshore. More than 40 years after the first oil, around 14 billion barrels of oil and gas (boe) have already been produced in the Campos Basin and two OTC awards have been granted with the Campos Basin achievements in Marlim and Roncador fields. Today, Campos Basin production accounts for around 30% of all Brazilian O&G output. Moreover, there is still a lot of potential value to be extracted from those assets in association with the extension of the term of the contracts of the main Concessions for another 27 years. In the continued strategy of Active Portfolio Management, any Campos Basin assets that do not fit into the company's portfolio focus are either divested or decommissioned, but still Campos Basin is a core area with substantial reserves to be booked, low reservoir risk and the potential to further reduce lifting costs. We can name Marlim, Roncador and Jubarte fields as examples of assets prioritized due to their value generating potential. These "world class" assets have been further developed with a specific approach: the Integrated Development Plans, with investments in complementary wells in existing fields to manage risks, enhance the recovery factor, as well as a governance to support decision making process between new Production Units or Lifetime Extension of those currently operating. All this governance is managed under a formal "Campos Basin Renovation Plan", a program that challenges the teams to identify opportunities to increase reserves and add value to the company. In this context, considering the relevance of this world class oil & gas province, this paper intends to describe how the team is facing the challenge of generating extra value through investments in mature fields in the Campos Basin, considering its decision-making process, the increase in the recovery factor, reduction of costs, strategic alliances, and articulation with Regulatory Agencies.