Page 14 - LatAmOil Week 43 2021

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PetroRio starts production

from TBMT-10H well at

Tubarao Martelo field

PetroRio has announced the start of production
of the TBMT-10H well, in the Tubarao Martelo
field (TBMT), with initial production of approx-
imately 3,800 barrels per day (bpd) of oil, still in
the assessment period.
The TBMT-10H well was drilled in 2013 and
upper completion, installation and connection
to the Bravo FPSO, recently accomplished by is now significant and will impact our 2021 pro- public consultation and hearing by the ANP, as
PetroRio, represents an investment of $17.5mn, duction guidance. We now aim to have the Tie-4 a measure of transparency, legitimacy and legal
with an estimated payback period of less than horizontal on production by the end of the year.” security.
three months. Lindvall continued: “On the other hand, the The decision to adhere to the Agreement is
The well’s estimated recoverable volume of immediate impact of the deferred production is in line with the risk management policy associ-
3.7mn barrels will be reclassified from Proven cushioned by the current strong oil market and ated with contingency management and with the
Undeveloped Reserves to Proved Developed we still continue to build our cash balance despite strategy of generating value through the negotia-
Producing Reserves in the next reserves certifi- the delay of bringing Tie-4 on production.” tion of amounts in dispute.
cation report. This incremental production will Maha Energy, October 21 2021 Petrobras, October 22 2021
also benefit from the royalty rate reduction of
5%, as approved by ANP in July 2021.
The well’s start of operation is another step DOWNSTREAM SERVICES
in the cluster’s revitalisation and life extension,
both fundamental parts of PetroRio’s business Petrobras comments on Vallourec signs
strategy.
PetroRio, October 26 2021 agreement with ANP for agreement for supply

Maha Energy announces operation of SIX plant of line pipes in Guyana
delay in Tie-4 completion Petrobras informs that, on 10/14/2021, its Exec- Vallourec today announces that it has signed a
10-year frame agreement with Esso Explora-
utive Board analyzed and approved the submis-
The Tie-4 horizontal well suffered an additional sion to the Board of Directors of a proposal to tion and Production Guyana Ltd (EEPGL), an
setback whilst getting ready to run production enter into an Agreement between Petrobras and affiliate of ExxonMobil, one of the largest inter-
casing. Stuck pipe in the hole now requires a the National Agency of Petroleum, Natural Gas national energy companies, to supply line pipe
sidetrack which is being initiated. The new and Biofuels (ANP) related to royalties on the products in Guyana.
completion date of Tie-4 is anticipated to be operation of the Shale Industrialisation Unit The agreement enables long-term line pipe
around the end of the year. The delay in Tie-4 has (SIX), located in São Mateus do Sul/PR. The supply by defining contractual and commercial
resulted in the deferral of 171,000 BOE, or 469 terms of the agreement were approved today by terms to support EEPGL’s future oil & gas devel-
BOEPD of production on an annualised basis. the ANP’s collegiate board and will still be ana- opments in this strategic basin. EEPGL operates
The range for 2021 annual average produc- lyzed by Petrobras’ Board of Directors. the Stabroek Block (26,800 square km), where
tion is now 3,500-4,000 boepd. The 2021 exit The agreement proposal involves an install- approximately 10bn barrels of oil equivalent
rate estimate of 5,000 boepd and 5,500 boepd ment payment of BRL559mn (amount based (boe) have been discovered since 2015.
remains unchanged, provided Tie-4 is hooked on June 21, to be updated until the agreement is Vallourec is positioning itself as a strategic
up and placed on production before the end of signed), of which BRL302mn have already been supplier of seamless tubes for future projects
the year. Production for the year is down 12.5% provisioned in the 2Q21 financial statements. in Guyana to build subsea flowlines and risers.
compared to prior guidance; however, offsetting The beginning of the payment by the com- Vallourec line pipe is manufactured to the tight-
the deferred volumes is a robust oil market that pany will occur after the signing of the Agree- est tolerance required for deepwater pipeline
dampens the impact on the estimated revenue ment and will result in the termination of all legal installations.
for 2021.The average production rate for the and administrative proceedings related to the Vallourec is offering a wide variety of steel
third quarter of 2021 was 3,610 boepd. collection of royalties and administrative fines grades to address the needs of the most demand-
Jonas Lindvall, CEO of Maha Energy AB arising from the mining of oil shale performed ing offshore projects, including the X80 grade,
comments: “The Agua Grande (AG) reservoir at SIX, as well as in the execution of a conces- for use in corrosive deep-water environments.
was encountered higher than anticipated in the sion agreement between Petrobras and ANP to This innovative steel, developed by Vallourec
Tie-4 horizontal, which is positive, but whilst discipline the research and mining of shale at experts, offers excellent mechanical properties
pulling out of hole to run production casing, the SIX. The terms of the agreement, as well as the while ensuring good weldability and corrosion
bottom hole assembly became stuck. The delay draft concession agreement, will be submitted to resistance.

P14 www. NEWSBASE .com Week 43 28•October•2021