Page 10 - LatAmOil Week 34 2019

LatAmOil
NEWS IN BRIEF
LatAmOil
UPSTREAM
Petrotal successfully
converts water disposal
well to oil producer
PetroTal is pleased to provide an update in respect of its operations and production at the Bretana eld in Block 95, where it has a 100% working interest, in Peru.
PetroTal has completed a new water disposal well, BN 95-2WD, and proved injection capac- ity, thus allowing the company to recomplete BN 95-1W and make it an oil producer, BN 95-1. Management expected the BN 95-1 to deliver initial upli of 1,500-2,000 barrels per day (bpd). e initial production rate over the rst seven days was 2,700 bpd. Management plans to pro- vide more information on the BN 95-1 well at the end of August.
e Company has spudded the BN 95-4 well, intended to be a horizontal completion, into the Vivian formation. e BN 95-4 well is expected to take 60 days to drill and complete, with a 500- metre lateral completion scheduled.
Total Bretana eld production is currently at 5,500 bpd, with the BN 1XD still shut-in, allow- ing the company to reach an August average production of 5,000 bpd as expected. e cen- tral processing facilities will increase Bretana’s total oil eld production and are expected to be commissioned in December. ey should bring total eld production up to 10,000 bpd by year- end with the successful drilling and completion of two additional oil development wells, BN 95-4 and BN 95-5.
Manolo Zuniga, Petrotal’s president and CEO, commented: “Continued execution at Bretana and stable production above 5,000 bpd should give con dence to all stakeholders in our ability to unlock value. e water disposal injec- tivity test rate of approximately 40,000 barrels of water per day shows just how permeable the Vivian formation is. It also allows us to optimise our capital budget and push our next water dis- posal well to next year, allowing us to focus on oil-producing wells in next year’s capital budget.”
He continued: “ e operations team continue to do an outstanding job. e re-completion of BN 95-1W into an oil producer, at a capital cost of approximately $2.3mn, provides a payout in less than 30 days and is an excellent example of capital e ciency. With current production of 5,500 bpd, we expect to meet our quarterly tar- get of 5,000 bpd for the third quarter. We have spudded the BN 95-4 well, and we are hopeful that this scheduled horizontal completion, with new technology to keep water cuts at lower levels during the initial months, will add to the existing production base, as well as providing valuable
information to evaluate reserves at year-end 2019.”
PetroTal, August 21 2019
DOWNSTREAM
Stabilis Energy announces two strategic transactions to enhance its distributed LNG and CNG capabilities in Mexico
Stabilis Energy today announced two strate- gic transactions that will expand its presence in the distributed LNG and CNG markets in Mex- ico. Stabilis has completed the acquisition of the privately held Diversenergy and its subsidiaries to create one of the leading distributed LNG marketing and distribution companies in Mex- ico. Additionally, Stabilis has completed the for- mation of a joint venture with Grupo CLISA and other former owners of Diversenergy to pursue investments in LNG and CNG assets in Mexico.
As one of the leading providers of LNG marketing and distribution services in Mexico, Diversenergy provides LNG to customers that use LNG as a fuel in mobile high-horsepower applications and to customers that do not have natural gas pipeline access. As a result of the acquisition, Diversenergy and its Mexican sub- sidiary have become wholly-owned subsidiaries of Stabilis. e transaction was structured as an equity purchase, with Diversenergy’s owners receiving cash and Stabilis common stock con- sideration. e nancial terms of the transaction were not disclosed.
Lee Kellough, the former CEO of Diversen- ergy, will serve as president of Stabilis’ Mexican subsidiary and senior vice president of Stabilis. He said: “We are con dent that this transaction creates a solid platform for Stabilis to become a leader in the LNG and CNG markets in Mexico. We believe that we have the right combination of people, equipment, and relationships to capital- ize on the substantial growth opportunities we see throughout Mexico.”
Meanwhile, Stabilis has formed a joint ven- ture with CryoMex Investment Group to pursue investments in distributed natural gas produc- tion and distribution assets in Mexico. CryoMex is led by Grupo CLISA, a Monterrey -based developer and operator of businesses in multiple end markets including energy.
The joint venture, operating as Energía Superior Gas Natural, plans to invest in LNG and CNG production, transportation, storage and regasification assets that serve multiple
end markets throughout Mexico, including the industrial, mining, pipeline, utility, marine and over-the-road transportation markets.
“Stabilis couldn’t ask for better partners than Grupo CLISA,” said Stabilis’ CEO Jim Red- dinger. “ eir existing partnerships with inter- national companies to build and operate assets in Mexico demonstrate their ability to execute e ectively and with integrity. We look forward to building a great distributed natural gas business in Mexico with our new partners.”
Gerardo Cavazos, the CEO of Grupo CLISA, added: “We share Stabilis’ view that there is vast potential for distributed natural gas solutions throughout Mexico, and we believe that together we will be able to help build that market.”
e joint venture plans to begin immediately evaluating LNG and CNG asset development opportunities throughout Mexico, including the Monterrey, Sonora and Mexico City regions. These assets could include LNG liquefaction facilities, cryogenic rolling stock equipment, CNG compression stations and pressurised roll- ing stock equipment, among others.
Stabilis Energy, August 21 2019
Petrobras receives binding offers for Liquigas
Petrobras, in relation to the news reported in the media, clari es that as part of the competitive process of divestment of its entire stake in Liq- uigas Distribuidora, the consortium formed by Itausa, Copagaz and Nacional Gas Butano pre- sented the best binding o er for the acquisition of this company. erefore, the consortium was invited to participate in the negotiation phase of the contracts.
Petrobras will disclose to the market the sub- sequent stages of the project in accordance with its Divestment Methodology, which is aligned with Decree 9,188/17.
is operation is in line with the company’s portfolio optimisation and improvement of cap- ital allocation, aiming at creating value for our shareholders.
Petrobras, August 24 2019
EIG announces major
developments at Prumo
Logística
EIG Global Energy Partners, the controlling shareholder of Prumo Logística, a private Bra- zilian company leading the energy infrastruc- ture hub at Port of Acu, today announced major developments at Prumo. Among them, Gas Nat- ural Acu (GNA), a joint venture between Prumo, BP and Siemens focused on the development and
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Week 34 28•August•2019