Page 18 - LatAmOil Week 22

LatAmOil NEWS IN BRIEF LatAmOil

A summary of the concessions with Petrobras’ subsea structure composed of six gas produc- secured unambiguous clarity on the tenure of
expected participation after the conclusion ing wells. Petrobras is the field operator, with a the Company’s key southern licences and work
of the processes before the above-mentioned 35% stake, in partnership with Enauta Partici- programme obligations from the Government of
regulatory agencies and the total percentage of pações (45%), Geopark Brasil E&P de Petróleo e The Bahamas, confirming that the second explo-
divestment is below: for ES-M-596_R11, Petro- Gás Ltda. (10%) and Brasoil Manati Exploração ration period of the Company’s licenses has been
bras’ expected share is 100% and the total extent Petrolífera Ltda. (10%). extended to the end of 2020, thereby allowing the
of divestment is up to 50%; for ES-M-598_R11, Petrobras, June 01 2020 Company adequate time to commence prepa-
Petrobras’ expected share is 80% and the total ration for drilling of an initial exploration well,
extent of divestment is up to 40%; for ES-M-671_ Petrobras completes the consistent with the obligations of its licences.
R11, Petrobras’ expected share is 100% and the July 2019 onward: worked with the Govern-
total extent of divestment is up to 50%; for ES-M- sale of seven onshore fields ment of The Bahamas to review and upgrade
673_R11, Petrobras’ expected share is 80% and the Environmental Authorisation application
the total extent of divestment is up to 40%; and in the Potiguar Basin initially lodged by the Company in April 2018,
for ES-M-743_R11, Petrobras’ expected share is with a focus on a drilling campaign that that is
100% and the total extent of divestment is up to Petrobras, following up on the release dated consistent with international best practice per-
50%. September 8, 2019, reports that it has completed formance standards.
Concessions are strategically positioned the sale of its entire interest in seven onshore August 2019: Signed a framework agreement
in relation to the post-salt discoveries in areas production fields, located in the Potiguar Basin, for the provision of a sixth-generation drilling
known as Parque dos Deuses, Parque dos Doces in the state of Rio Grande do Norte, to SPE 3R rig in 1H 2020, appointed Halliburton for the
and Parque dos Cachorros in the Espírito Santo Petroleum, a wholly owned subsidiary of 3R provision of integrated well services, and Baker-
Basin, with the potential to prove significant vol- Petroleum e Participações. Hughes GE for the provision of various well-re-
umes and establish a new exploratory frontier for After fulfilling all of the previous conditions, lated equipment.
both pre-salt and post-salt. the transaction was concluded with the payment September 2019: AGM approval for the tem-
Offers will be made by concession, subject of R$ 676.8mn to Petrobras, already with the porary authority to issue new shares to underpin
to the possible for the exercise of the preemp- adjustments provided for in the contract. financing of drilling of initial exploration well in
tive right by the partners and other necessary Macau Cluster encompasses the fields of Ara- The Bahamas, if required.
approvals, as applicable. tum, Macau, Serra, Salina Cristal, Lagoa Aroeira, September 2019 onwards: initiated a coor-
Petrobras, June 01 2020 Porto Carão and Sanhaçu. Petrobras held 100% dinated funding strategy toward securing the
interest in all concessions, except Sanhaçu con- funding required for Perseverance #1 in a meas-
Petrobras starts non- cession, in which it was the operator with 50% ured fashion. Initial phase of funding strat-
stake, while the remaining 50% are from Petrogal egy successfully executed - an Open Offer to
binding phase in the Brasil. The current total production of oil and existing shareholders and Placing which raised
gas from these fields is about 5,000 barrels of oil gross proceeds of $11.4mn, and entering into an
Camamu Basin equivalent per day (boepd). agreement for a Conditional Convertible Note
Subscription Agreement which, if available
Petrobras, May 31 2020
Petrobras, following up on the release disclosed and fully drawn, would raise gross proceeds of
on April 5, 2020, has announced the beginning GBP10.25mn.
of the non-binding phase regarding the sale of its PERFORMANCE October 2019: opened temporary Hou-
stake (35%) in the Manati field, a shallow water ston office to accommodate drilling personnel
maritime production concession located in the Bahamas Petroleum Co. consistent with the planned exploration well
Camamu Basin, in the State of Bahia. activities.
Potential buyers qualified for this phase announces final results December 2019: process initiated seeking
receive a descriptive memorandum containing to provide Bahamians with an opportunity to
more detailed information on the referred asset, for 2019 invest in the Company’s nationally significant
in addition to instructions on the disinvestment project, via creation of a Bahamian-domiciled
process, including guidelines for the preparation Bahamas Petroleum Co. (BPC), the oil and gas mutual fund to exclusively hold BPC shares.
and submission of non-binding proposals. The exploration company with significant prospec- December 2019: the Group closed the year
main subsequent stages of the project will be tive resources in licences in The Commonwealth with $11.2mn in cash reserves.
informed in due course to the market. of The Bahamas, has announced its final results Simon Potter, Chief Executive Officer of
This operation is in line with the strategy for the year ended December 31, 2019. Bahamas Petroleum Company, said: “Our explo-
of portfolio optimisation and improvement of Highlights for 2019: significant progress ration well, Perseverance-1, is aptly named. Dur-
the company’s capital allocation, focusing its achieved during the year toward drilling the Per- ing the period of these accounts we achieved so
resources increasingly on deep and ultra-deep severance #1 well in 2020, which is targeting P50 much, including unambiguous licence tenure,
waters, where Petrobras has shown great com- recoverable prospective resources of 770mn bar- a rig framework agreement, contracting with
petitive edge over the years. rels of oil, with an upside of 1.44bn barrels, solely globally renowned service companies for our
The Manati field is located at a distance of from the northern structural closure portion of drilling campaign, successfully initiating a fund-
10 km from the coast of the city of Cairú/BA, in the B structure. In total the B structure extends ing strategy with you, the shareholders, coming
water depths between 35 and 50 metres. The field between 70 and 80 km, has a mapped areal clo- first, creating a structure to allow Bahamians
started operating in 2007 and its average pro- sure over 400 square km and has an aggregate the opportunity to invest in their nationally
duction in 2019 was 105 bpd of condensate and most likely recoverable resource potential in significant project and obtaining Environmen-
1.269mn cubic metres per day of gas, through excess of 2bn barrels. tal Authorisation from the Government of The
the PMNT-1 fixed platform, which involves a In February 2019, this progress included: Bahamas.

P18 www. NEWSBASE .com Week 22 04•June•2020