Page 15 - LatAmOil Week 19 2022

LatAmOil NEWS IN BRIEF LatAmOil

our culture, attracting new long term investors, the specifications and quantities demanded by
increasing dividends, giving back more to all the market. This way, all diesel produced at the
our stakeholders, and implementing an exciting refinery will be low-sulphur content.
new leadership team. This full-cycle GeoPark Petrobras continues to focus on improving
approach – always supported by our own cash energy efficiency and reducing greenhouse gas
flows – is the right business model for our indus- emissions, adapting its refineries and prepar-
try today – and our consistent delivery provides ing to remain competitive. Over the next five
powerful momentum for a promising and piv- years, the company expects to invest $6.1bn in
otal 2022 and beyond.” refining, aiming to expand the refining capacity
Returned More Value To Shareholders. Direct GeoPark, May 12 2022 and to position the refineries among the best in
returns to shareholders during Q1-2022 totaled the world in terms of efficiency and operational
$7.9mn, after doubling cash dividends. Discre- performance.
tionary share buyback programme in place for PROJECTS & COMPANIES About Replan: Inaugurated in May 1972,
up to 10% of shares outstanding until November Replan is Brazil’s largest refinery in terms of
2022. New quarterly cash dividend of $5.0mn Subsea 7 awarded contract processing capacity, with a load of 434,000 bpd.
($0.082 per share) payable on June 10, 2022. In addition to diesel fuel, the refinery produces
Expanded Growth Fairway and Strength- for TOPR project offshore gasoline, jet fuel, asphalts, LPG, and propene,
ened Portfolio, Colombia: Acquired the CPO- among other oil products.
4-1 block (GeoPark non-operated, 50% WI), an Trinidad and Tobago Petrobras, May 11 2022
attractive low-risk, low-cost exploration block,
approximately 50% covered with 3D seismic, Subsea 7 has announced the award of a sizeable Maersk Drilling secures
and strategically located adjacent to the CPO-5, project by BP for the TOPR project located off-
the Llanos 94 (GeoPark non-operated, 50% WI) shore Trinidad and Tobago, in water depths of extension for Maersk
and the Llanos 123 (GeoPark operated, 50% WI) up to 280 feet (85.2 metres).
blocks. The project covers the installation of a 96-km Developer offshore Brazil
Argentina: Completed the divestment of 12-inch (304.8-mm) pipeline, associated shore
non-core Aguada Baguales, El Porvenir and approach and diver tie-in spools. Front end engi- Karoon Energy has exercised options to add the
Puesto Touquet blocks (GeoPark operated, neering and design (FEED) is underway and the drilling of up to two wells at the Neon field off-
100% WI) on January 31, 2024. EPCI (Engineering, procurement, construction, shore Brazil to the work scope of the semi-sub-
Increased Self-Funded 2022 Work Pro- installation) scope is scheduled to begin this mersible rig Maersk Developer. The contract
gramme and Production Targets: 2022 annual month. extension has a duration of 80 days, in direct
production guidance revised up by 8%5 to Project management and engineering will continuation of the rig’s previous work scope.
38,500-40,500 boepd (from 35,500-37,500 take place in Subsea 7’s office in Houston, Texas. The contract extension has a firm contract value
boepd) not including any potential produc- Craig Broussard, Vice President for Subsea 7 of approximately $21m.
tion from 14-18 exploration wells. Production US, said: “We are honoured to have been selected “We’re delighted to confirm this extension
guidance reflects ongoing drilling results, new for the fast-track delivery of the TOPR project which will expand Maersk Developer’s activi-
investments and bringing back production and we look forward to continuing our collabo- ties in Brazil to include assisting Karoon in the
from the Manati gas field in Brazil. 2022 work rative relationship with BP.” further evaluation of the Neon discovery. Dur-
programme expanded to $200-220mn (from Subsea 7 defines a sizeable contract as being ing our preparations for the initial Baúna work
$160-180mn) to drill 50-55 gross wells (from between $50mn and $150mn scope, the Developer team has established a
40-48 gross wells). At $95-100/bbl Brent, the Subsea 7, May 11 2022 strong and close collaboration in our partner-
work programme generates $250-280mn free ship with Karoon, and we’re looking forward
cash flow, a 28-327% yield. Free cash flow fund- Petrobras signs contract to building on that in the Neon campaign,” says
ing incremental capital projects, deleveraging, Thomas Lysgaard Falk, Head of International
increased shareholder returns and other corpo- with Toyo on construction Division, Maersk Drilling.
rate purposes. Dr. Julian Fowles, Karoon Energy’s CEO and
James F. Park, CEO of GeoPark, said: “Tre- of diesel hydrotreatment Managing Director, said: “We are looking for-
mendous thanks and congratulations to the ward to the commencement of workover activi-
GeoPark team for doing its job and building unit at Replan ties on the Baúna field by the Maersk Developer
value across our complete business again this shortly and are very pleased to have extended
period, including: growing profitable produc- Petrobras informs that it signed on May 9, 2022, our contract to include the planned drilling on
tion, finding new oil fields, drilling wells success- a contract with the Toyo Setal HDT Paulínia Neon subject to the receipt of normal regula-
fully, carrying out seismic and developing new Consortium, formed by the companies TSE tory approvals, which will further consolidate
prospects, keeping our team safe and healthy, and TOYO, for the construction of a new die- our already strong relationship with the team at
reducing costs and increasing capital efficiency, sel hydrotreatment unit (HDT) at the Paulínia Maersk Drilling.”
achieving record cash flows, reducing debt, Refinery (Replan), in alignment with the invest- Maersk Developer is a DSS-21 column-stabi-
increasing our self-funded work programme, ments planned in its Strategic Plan 2022-2026. lised dynamically positioned semi-submersible
managing risks, expanding our acreage foot- The investment in the new HDT unit will rig, able to operate in water depths up to 10,000
print, building partnerships, protecting the envi- be $458mn, and when the plant starts operat- feet (2,048 metres). It was delivered in 2009 and
ronment and reducing emissions, being a good ing, expected for 2025, Replan will be able to is currently preparing for operations offshore
community neighbor, improving our ESG rat- increase its S-10 Diesel production by 63,000 Brazil with Karoon Energy.
ings, improving our organization, strengthening bpd and jet fuel by 12,500 bpd, aiming to meet Maersk Drilling, May 10 2022

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