Page 15 - LatAmOil Week 04 2022

LatAmOil NEWS IN BRIEF LatAmOil

and accounts payable at year-end were approx-
imately $500,000 and $54.0mn (11% due after
Q1-2022), respectively. Accounts receivable bal-
ances were substantially lower in Q4-2021 due to
December 2021 ONP sales disruptions caused
by nearby protests.
CPF-2 Commissioned: PetroTal is pleased
to announce that CPF-2 has been fully com-
missioned and is operational, thereby allowing
field production capacity of 24,000 bpd, water
disposal capacity of 100,000 bpd of water and oil
storage of 90,000 barrels at the field.
Manuel Pablo Zuniga-Pflucker, President
and CEO, commented: “We are excited to start
the new year with record production of 20,000
Lindvall continued: “We will now optimise large initial production rates in the quarter, bpd, a solid base for ongoing growth. PetroTal
oil production across all the Tie wells so that PetroTal was still able to average over 10,000 bpd will continue to manage our business to maxim-
reservoir drawdown is evenly distributed across in Q4-2021 and demonstrate quarter-on-quar- ise cash flow and support stable operations for
the field. The Tie-4 well will be choked back and ter production growth of 7% despite only pro- shareholders while always placing safety above
will provide important future production redun- ducing unconstrained for approximately 57% of all else. The Company is very supportive of com-
dancy. It is premature to assess how these results the period. Included in Q4-2021, were five days munity efforts and the active dialogue engage-
may affect annual production volumes.” where PetroTal averaged above 20,000 bpd. ment that led to the reopening of Pump Stations
The Tie-4 well (7-TIE-4HE-BA) has now Current field production is again at approxi- No. 1 and 5. Our team has been working hard to
been tied into the permanent production facili- mately 20,000 bpd, having produced at that rate find creative sales business solutions so 2022 can
ties at Tie. Both the Agua Grande (AG) and Sergi for the past five days. As announced on Decem- be a record year for the Company from cash flow
(SG) zones are perforated and are now comin- ber 16, 2021, PetroTal had to significantly con- and production perspectives.”
gled in a 3.5-inch single tubing completion with strain production, from that date until January PetroTal, January 17 2022
an ESP. Initial stabilised well test results over a 9, 2022, to an average of 5,006 bpd. This allowed
24-hour period are as follows: Oil Production: the Company to manage storage capacity and
4,400 bpd; Water Production: 64 bpd; Gas Pro- barge availability due to pump station 1 bottle- PROJECTS & COMPANIES
duction: 1,766 mcf per day; 4,695 boepd; Flow- necks, which have now been alleviated.
ing Wellhead Pressure: 220 psi Well 10H Update: Drilling of the 10H well TechnipFMC awarded large
Tie-5: Significant changes have been made progressed according to plan, with its 1,200-
to the well design that should address the prob- metre horizontal section successfully reaching EPCI contract by Petrobras
lems encountered on the Tie-4 well. The Tie-5 total depth. Well 10H is the longest horizontal
well is designed as a horizontal production well well drilled to date in Peru and completion oper- for Buzios 6 field
targeting the northern part of the AG reservoir. ations are now underway, with the well expected
An ESP will also be run on this well. A drilling to be completed in early February 2022. TechnipFMC has been awarded a large subsea
rig has been moved from the Tie-4 location to Exports via Brazil Expected to Increase in Engineering, Procurement, Construction and
Tie-5 and rig up and commissioning is almost 2022: During Q4-2021, oil deliveries to Brazil Installation (EPCI) contract by Petrobras for its
complete. The drilling of Tie-5 is slated to start were approximately 300,000 barrels with an Búzios 6 field (module 7), a greenfield develop-
within two weeks. all-in differential, marketing and transportation ment in the pre-salt area. The contract covers
Maha Energy, January 20 2022 cost of approximately $21 per barrel. flexible and rigid pipe, umbilicals, pipeline end
In December 2021, PetroTal executed a new terminals, rigid jumpers, umbilical termination
PetroTal provides Q4-2021, sales contract to deliver up to 240,000 barrels assemblies and a mooring system.
Jonathan Landes, President, Subsea at
per month to Brazil, and is currently working to
year-end operations and advance the logistics to further increase export TechnipFMC, commented: “We are excited to
announce this award, which demonstrates the
volumes by 50%. Including the current Iqui-
liquidity update tos Refinery point of sale, the expanded Brazil continuing strength of the subsea market in Bra-
export route would allow PetroTal to market zil and our collaborative relationship with Petro-
PetroTal is pleased to provide the following approximately 13,300 bpd without dependance bras. We used our deep understanding of the
updates. on the ONP. client’s needs to arrive at technological solutions
Q4-Production Update: PetroTal’s produc- Strong Liquidity Management in Q4-2021: developed specifically for the Buzios 6 field.”
tion averaged 10,147 bpd in Q4-2021, impacted PetroTal continues to manage liquidity excep- The flexible pipe, umbilicals and subsea
by unplanned and extended downtime of the tionally well despite the route to market head- structures, as well as some of the rigid pipe, will
ONP from social and protest issues at Pump winds. PetroTal ended Q4-2021 with $74.4mn be manufactured in Brazil using skills and com-
Stations No. 1 and No. 5. October was the only in total cash, of which $29.5mn was restricted, petencies the Company has developed in-coun-
month in the quarter with largely unrestricted including $20mn dedicated to accretive acqui- try, while minimising the carbon footprint
production rates, with November and December sitions. Ending Q4-2021 cash was higher associated with transportation and installation.
having only 16 and five producing days, respec- compared to internal forecast as a result of The project will also utilise our established and
tively, where all wells were producing fully. receiving a $15.8mn revenue true up payment qualified Brazilian supply chain.
As a result of wells 9H and 8H generating for exported oil at Bayovar. Accounts receivable TechnipFMC, January 24 2022

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