Page 14 - LatAmOil Week 22 2021

LatAmOil NEWS IN BRIEF LatAmOil

Trinity Exploration renews

onshore Trinidad licences

for 10 years

AIM-listed Trinity Exploration & Production
has confirmed that its Onshore Lease Operator-
ship Agreements (LOAs) have been renewed for
a 10-year period effective as of January 1, 2021.
Trinity has renewed its LOAs for its WD-2,
WD-5/6, WD-13 and WD-14 blocks for a
10-year period effective as of January 1, 2021. The
LOAs were originally set to expire on December
31, 2020, and were previously extended to May
31, 2021, whilst terms were finalised with Herit-
age Petroleum Co.
The key changes on the renewed licence improvements to increase the efficiency and Strategic Plan 2021-25.
terms are outlined below. operational performance of the refineries that Petrobras, May 24 2021
Tenure: The 10-year licence period (versus are not in the divestment portfolio – Presi-
five years previously) provides a longer invest- dente Bernardes Refinery (RPBC), Duque de
ment horizon and therefore a greater ability to Caxias Refinery (REDUC), Capuava Refinery PERFORMANCE
maximise returns. (RECAP), Paulinia Refinery (REPLAN) and
Work obligations: Appropriate work pro- Henrique Lage Refinery (REVAP) – and to PetroTal announces
grammes have been set for each of the LOAs. position Petrobras more competitively in the
Minimum of 15 new infill wells and 30 heavy opening of the oil refining market in the coun- financial and operating
workovers (these are inclusive of recomple- try. The company evaluated world benchmarks
tions) to be completed over the licence period, of the main refining indicators to define the pro- results for Q1-2021
obligations which Trinity is highly confident of gramme’s objectives.
exceeding. New focus on Enhanced Oil Recov- RefTOP foresees initiatives to increase the PetroTal has announced its financial and oper-
ery (EOR) projects/feasibility assessments mar- refineries’ energy performance, making better ating results for the three months ended March
ries well with Trinity’s 3D data driven approach use of inputs such as natural gas, electricity and 31, 2021.
enabling the company to identify applicable steam in their own operations. Q1-2021 Selected Operational Highlights:
areas of interest and reduce geological risk. The programme will promote the intensive Commenced drilling the 7D well, which was
Outlook: Finalising the 10-year LOA licence use of digital technologies, automation and successfully completed on April 30, 2021. Petro-
renewals, integrating the recently acquired 3D robotisation in Petrobras’ refineries. One of the Tal started drilling well 7D on March 29, 2021,
seismic data across Trinity’s now larger contig- examples of digital technologies that are already reaching a vertical depth of 2,696 metres and
uous acreage (following the recently announced being adopted by the company and that will be encountering excellent oil-producing sands. The
acquisition of the PS-4 block, which remains expanded with RefTOP are the Digital Twins – well was drilled and completed at a revised final
subject to Heritage and regulatory approvals), digital representations of the operational facili- cost of $7.6mn, or 17% below budget. After the
the improved oil price outlook and the recently ties – for real-time monitoring, failure reduction, typical cleanup period and slowly ramping up
implemented SPT reform (with the onshore and easier decision-making. Another important production during the following week, the 7D
SPT trigger now at $75 per barrel) provides a driver of the programme is the increase in the averaged over 4,500 bpd over a four-day period,
much-improved outlook for Trinity’s onshore production of high value-added petroleum accumulating over 115,000 barrels of oil during
business. products, such as diesel and propylene – raw its first month of production, and maintaining
Trinity Exploration & Production, June 02 2021 material for the petrochemical industry for average production rates of 4,000 bpd during the
the production of packaging and automotive past four weeks.
parts, for example. The company will leverage Upsized pump on 4H: The Company
DOWNSTREAM the processing of pre-salt oils, which have low installed a new electro-submersible pump (ESP)
sulfur content, bringing competitive advantages on the 4H well under budget and on time. Soon
Petrobras announces and opportunities to increase the refining mar- after the workover, the well was producing at
gin, favoring the production of S-10 diesel and 400 bpd higher than before the operation and
launch of RefTOP bunker. is expected to recapture the incremental cost of
The investments in RefTOP until 2025 are the pump over the next few months at current
Refining Programme approximately $300mn and are included in the Brent levels.
Production materially on target: Production
$3.7bn of investments foreseen for refining in
Petrobras, following up on the release disclosed the Strategic Plan 2021-25. for Q1-2021 averaged 7,331 bpd, which was
on 09/18/2020, informs that it is launching the RefTOP, together with the Gas + Programme materially on budget. Current production is
RefTOP-World Class Refining programme and BioRefining 2030, will prepare the com- 10,225 bpd, notwithstanding that two oil wells
with the objective of being among the best oil pany’s refining and natural gas activities for remain shut in waiting on water disposal pump
refining companies in the world. RefTOP con- an open and competitive market, in transition enhancements which has reduced production by
sists of a set of initiatives that seek to implement to a low-carbon economy, as envisioned in the an estimated 1,200 bpd.

P14 www. NEWSBASE .com Week 22 03•June•2021