Page 14 - LatAmOil Week 30 2022

LatAmOil NEWS IN BRIEF LatAmOil

PIPELINES & TRANSPORT
Subsea 7 and Van Oord

consortium awarded

contract offshore Guyana

Subsea 7 and Van Oord have announced the
award of a substantial contract by ExxonMobil
affiliate Esso Exploration and Production Guy-
ana Ltd (EEPGL) for the Gas to Energy project
offshore Guyana, in water depths of up to 1,450
metres.
The scope covers the project management,
engineering, and installation of approximately transaction with CGX Energy Inc., Frontera has Company has a diversified portfolio of assets
190 km of pipeline, with an associated shallow extended the expiry time of the Offer in order with interests in 33 exploration and production
water portion and onshore approach making to provide shareholders with sufficient time to blocks in Colombia, Ecuador and Guyana and
landfall to the west of the Demerara River, along decide whether to participate in the Offer. pipeline and port facilities in Colombia. Fron-
the coast of Guyana. As previously announced, the Offer will pro- tera is committed to conducting business safely
Craig Broussard, Vice President for Subsea 7 ceed by way of a “modified Dutch auction” pro- and in a socially, environmentally and ethically
US, said: “We are honoured to have been selected cedure with a tender price range from CAD11.00 responsible manner.
for Guyana Gas to Energy. This is an important to CAD13.00 per Share. The Company plans to Frontera, July 25 2022
project to support the Guyanese people and we fund repurchases of Shares through available
look forward to continuing our relationship with cash on hand. Unless otherwise stated, the Offer Petrobras reports on
EEPGL in one of the most prolific and exciting is denominated in Canadian dollars, and share-
development basins in the world.” holders will have the option to elect to receive divestment of Albacora
Hans van Gaalen, Commercial Director for payment in either Canadian or US dollars.
Van Oord, adds: “Van Oord is honoured to have For more information about the Offer, please Petrobras, following up on the releases disclosed
been selected for the Guyana Gas to Energy pro- see the Company’s June 20, 2022 press release. on November 5, 2021 and January 25, 2022,
ject in co-operation with Subsea 7. Developing The terms and conditions of the Offer, includ- and regarding the news published in the media
the coastal infrastructure for the project will ing instructions for tendering Shares, have been about the divestment process of Albacora, in the
allow our Subsea 7 and Van Oord consortium to included in the formal offer to purchase and Campos Basin, clarifies that Albacora is part of
positively contribute to the development of Guy- issuer bid circular, letter of transmittal and notice the portfolio of assets for sale by the company, as
ana’s electricity supply which in turn will reduce of guaranteed delivery (which are available with- disclosed in the Strategic Plan 2022-2026. The
Guyana’s dependence on imported fuels.” out charge on SEDAR), as amended by a notice Company also clarifies that there is no decision
Subsea 7 defines a substantial contract as of variation dated as of the date hereof, which to suspend the divestment process.
being between $150mn and $300mn (Subsea 7’s will be filed on SEDAR as soon as practicable. According to the information presented in
share). The Company will be mailing the Notice of the teaser released on September 25, 2020, Alba-
Subsea 7, July 27 2022 Variation to all shareholders to whom the Offer cora has a revitalisation project with the potential
materials were required to be sent as soon as to significantly increase its production, in addi-
practicable. Any questions or requests for assis- tion to an extensive development plan. Petrobras
INVESTMENT tance in tendering Shares to the Offer may be conducts tests in the Forno pre-salt formation,
directed to Computershare Investor Services having discovered additional non-producing
Frontera extends Inc., the depositary for the Offer. reservoirs and identified exploratory leads.
Petrobras reinforces its commitment to the
Following completion of the Substantial
substantial issuer bid Issuer Bid, Frontera will resume its previously broad transparency of its divestment projects
announced Normal Course Issuer Bid (NCIB) and portfolio management and informs that the
Frontera Energy announces today that the Com- for the purchase of up to 4,787,976 common subsequent stages of the project will be disclosed
pany has extended the expiry time of its offer to shares, representing about 10% of the Compa- in accordance with the Company’s Divestment
purchase from shareholders up to CAD65mn ny’s public float during the 12-month period Guidelines.
(equivalent to $50mn) of its outstanding com- commencing March 17, 2022, and ending Petrobras, July 27 2022
mon shares for cancellation from 11:59 p.m. March 16, 2023. As of May 2, 2022, Frontera had
(Eastern time) on July 29, 2022 to 11:59 p.m. purchased for cancellation 1,246,400 common Moody’s upgrades Peru
(Eastern time) on August 8, 2022, unless the shares through its current NCIB.
Offer is further extended, varied or withdrawn About Frontera: Frontera Energy Corp. is LNG’s ratings to B2
by the Company. a Canadian public company involved in the
There are no additional changes to the terms exploration, development, production, trans- Moody’s Investors Service upgraded Peru LNG’s
of the Offer. portation, storage and sale of oil and natural gas corporate family rating and senior unsecured
In light of the Company’s recent announce- in South America, including related investments rating on the company’s existing notes to B2
ment on July 22, 2022, regarding a farm-in in both upstream and midstream facilities. The from B3.

P14 www. NEWSBASE .com Week 30 27•July•2022