Page 7 - LatAmOil Week 33 2021

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M E X I C O
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It did report, though, that Yoti West-1Exp would target turbidite deposits in the Upper and Lower Miocene layers of the seabed. Additionally, it reported that geological and geophysical data from the well would help Lukoil decide whether to proceed with further exploration work at Block 12.
Lukoil Upstream Mexico has been work- ing at Block 12 since 2017, when it acquired an exploration and production licence for the site, which lies 50 km from shore in waters ranging from 150 to 400 metres deep, following the Shallow Water Bidding Round 2.1. It serves as operator of the project and has a 60% stake in the block, and the remaining equity is assigned to Eni (Italy), with 40%. According to the terms of their exploration and production licence, Eni and the Lukoil subsidiary are obligated to drill one well at Block 12 during the early stage of exploration work.
In its statement, Lukoil said that work on Yoti West-1Exp had begun following the conclusion
Lukoil obtained a licence for Block 17 in 2021 (Image: CNH)
of a drilling project at Block 10. The company and its partners recently used the same rig, the Valaris 8505, to spud and complete the Sayuli- ta-1X well at that site. Eni, the operator of Block 10, announced the discovery of oil in Sayuli- ta-1X earlier this month. ™
COSTA RICA
Costa Rica aims to pass law forbidding oil and gas exploration
THE government of Costa Rica has signalled that it wants to put in place regulations prohib- iting oil and gas exploration the force of law.
In a statement issued early last week, the administration of President Carlos Alvarado announced its intention of introducing legis- lation that formalises the ban to the Legislative Assembly.
If passed, the bill would make oil and gas exploration illegal – and therefore more difficult for future governments to permit, Argus Media commented.
The Alvarado administration indicated that it expected the proposed measure to win parlia- mentary approval, pointing out that the presi- dent’s Citizen’s Action Party and its allies hold a majority of seats in the Legislative Assembly. It also said in its statement that it considered the draft law to be important, as it is designed to “consolidate the country’s international lead- ership in environmental matters” and support plans for reducing carbon emissions to zero by 2050.
The Central American state does import petroleum products, mostly from the US and Mexico, for limited purposes. In 2020, it imported about 20,100 barrels per day (bpd) of diesel fuel and 22,500 bpd of gasoline. Never- theless, it does not produce or refine crude oil.
Indeed, Costa Rica’s government took its
President Alvarado (centre), shown attending the launch ceremony for the Pocosol solar farm in 2019 (Photo: Twitter/@CarlosAvQ)
first step to prohibit oil and gas exploration in 2002, when then-President Abel Pacheco issued a moratorium on such activities until 2050. The country is now a leader in the adoption of renewable energy. Fossil fuels have accounted for no more than 2% of its total energy con- sumption since 2015, and fully 99.7% of its elec- tricity production came from renewable sources in 2020.
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