Page 13 - LatAmOil Week 13 2021

LatAmOil NEWS IN BRIEF LatAmOil

UPSTREAM

President Energy announces

operational update for
Argentina, Paraguay

AIM-listed President Energy, the energy com-
pany with a diverse portfolio of production and
exploration assets focused primarily in South
America, has provided an operational update.
Highlights: New well LB-1002, Las Bases
field, Rio Negro, Argentina projected to spud
later today in line with expectations. All previ-
ously announced drilling schedules in Rio Negro
are on track. The new oil treatment plant due
to start operations on schedule by end of June
and is on budget. In Salta, Argentina, advanced make these observations so that people might of the highest-quality images to better support
discussions are in progress re commissioning understand the dedication shown by our hard- renewal and development decisions.
the 3D seismic for Canada Grande and Puesto working employees in the face of such adversity. Colin Murdoch, EVP, Geoscience, CGG,
Guardian with green lighting projected by end It is this dedication that has led to us delivering said: “This high-profile set of awards demon-
April. Salta drilling discussions and preparations all of the progress noted in this and previous strates client demand for our best-in-class tech-
ongoing. Still projected to commence work dur- announcements. It is progress that seems to go nology and service. By consistently investing
ing H2-2021. Paraguay farm-out discussions unnoticed. in our people, imaging technology innovation,
intensify and is on last leg, with advanced discus- “Well, not to me. So, I take this opportunity and high-performance computing infrastruc-
sions ongoing with the contemplated farm-inee to say a public ‘thank you’ to each and every one ture during the pandemic crisis, CGG continues
on well locations, timing and logistics. Signing of our people and contractors in the field and at to provide an unmatched level of services and
now projected by both parties at or around end home. Your sacrifices should not go unnoticed. image quality as the recognised leader in high-
April. Atome multiple project streams in process “I will end this stream of necessary con- end seismic imaging.”
at varying degrees of maturity. sciousness on the positive note commensurate CGG, March 31 2021
Peter Levine, Chairman, commented: “I do with our people’s commendable work. Day by
not have a soapbox but given recent personal day our Company gets stronger and we are ready
experience felt that the observations below are to do all we can to grow President organically ESG
necessary. I trust that readers will appreciate the and by strategic initiative. I am confident that
sincerity of the message I give. 2021 will be seen by its end as a year of progress.” Ecopetrol announces
“COVID-19 is a human tragedy the world President Energy, March 31 2021
over and I am aware that the UK has not been commitment and plan to
insulated from the troubles associated with
it. The loss of life is tragic. However, with over SERVICES achieve net zero carbon
30mn vaccines now administered in the UK and
the economy reopening problems that continue CGG wins three major emissions by 2050
in other parts of the world can seem distant. In
South America and beyond, the fight is far from seismic imaging projects Ecopetrol reports that it has published its plan
over. to achieve net zero carbon emissions by 2050,
“I have spent the last two months travel- from BP in Gulf of Mexico, in line with its commitment to mitigate climate
ling around our operations in South America change and further the energy transition and its
overseeing our exciting work programme and offshore Trinidad and Tobago TESG agenda.
advancing a material investment in our Para- By 2030, Ecopetrol seeks to reduce its CO2e
guay assets. During that time, I have seen first- CGG has been awarded three major seismic emissions by 25% as compared to the 2019 base-
hand the devastation wrought by the global imaging projects by BP, two from the deepwater line for Scopes 1 and 2, which correspond to
pandemic and the significant sacrifices required Gulf of Mexico and one from offshore Trinidad direct and indirect emissions associated with the
to keep businesses operational during such dif- and Tobago. purchase of energy. In addition, Ecopetrol will
ficult times. Having myself been hospitalised for These projects will start in Q1/Q2 this year seek to reduce 50% of its total emissions (scopes
two weeks, although thankfully now well on the and complete with cloud delivery of the data no 1, 2 and 3) associated with the company’s value
way to recovery, I am grateful for the skill and later than Q4-2021. chain, which includes the use of its products, by
dedication shown by the medical professionals Utilising CGG Cloud supercomputing, imag- 2050.
in Paraguay and across the globe. ing specialists at CGG’s Houston subsurface The development of the goals proposed are
“I have never been one to sit behind a desk imaging center will employ compute-intensive a part of the Ecopetrol Group’s Corporate Strat-
to manage my business and am willing to put data-driven proprietary algorithms, such as egy and energy transition roadmap. Progress on
myself in harm’s way for the benefit of our stake- time-lag full-waveform inversion and least- these goals is expected to be reported periodi-
holders so say none of this to gain sympathy. I squares migration, to ensure timely delivery cally in line with Company’s earnings results.

Week 13 01•April•2021 www. NEWSBASE .com P13