Page 14 - LatAmOil Week 18 2022

LatAmOil NEWS IN BRIEF LatAmOil

This volume represents about three times the and Rafael Chaves (Institutional Relations and Programme is expected to involve the drilling of
production that we would reach if we had not Sustainability) on May 3 at the Offshore Tech- a number of low angle conventional wells, and
invested in the new platforms. In other words: nology Conference (OTC) 2022, the main con- also several high angle to horizontal wells, along
without the new projects, our future production gress of the world’s offshore oil and gas industry, with deeper wells to test structures below our
in the basin would be 300,000 boe,” explained in Houston (USA). Both reinforced Petro- current producing horizons, which could lead
Bordieri. bras’ commitment to the global transition to a to a step change in reserves and production.
Three new platforms planned by 2026: Petro- low-carbon economy - with emphasis on the With an increasing focus on high angle, hori-
bras expects to install three new FPSO platforms results obtained so far, the application of tech- zontal and deeper wells, the 2022 Drilling Pro-
(floating systems for production, storage and nologies to reduce emissions, and future projects gramme is expected to yield significantly higher
transfer of petroleum) in the region in the next in this segment. volumes per capital invested, and materially
few years. The FPSOs Anita Gabribaldi and Petrobras, May 3 2022 increased cash returns, when compared to the
Anna Neri will be installed in the Marlim field Company’s 2018 and 2019 drilling programme.
and together they will be capable of producing The 2022 Drilling Programme is fully funded
up to 150,000 barrels per day (bpd). The third PROJECTS & COMPANIES and is expected to commence in July 2022, with
planned unit is the Maria Quitéria, in Jubarte, in first oil shortly thereafter. Further, the Company
the Parque das Baleias complex, in the capixaba Trinity Exploration has commenced the procurement of long lead
portion of the Campos Basin, with capacity for items such as; casing, tubular and production
100,000 bpd. announces update on equipment.
Petrobras, May 3 2022 In addition, Trinity’s subsurface teams have
Galeota farmout and made good progress in working up additional
locations for infill drilling for all well types in
resumption of drilling per includes numerous new wells, at various
POLICY subsequent years. The Company’s drilling hop-
Petrobras reports on AIM-listed Trinity Exploration & Production, stages of readiness, having greatly benefitted
from the 3D seismic over the Company’s oper-
the independent E&P company focused on Trin-
reductions in CO2 idad and Tobago, has provided an update on the ating areas, and therefore continues to increase
Galeota farm down process and the imminent further in both number and types of wells.
emissions intensity resumption of drilling. Publication of Results: The Company will
Galeota Farm Down Process: The Company announce its results for the year ended Decem-
Petrobras managed to reduce by about 50% the has engaged with a range of potential partners as ber 31, 2021, on May 24, 2022. At this time the
intensity of greenhouse gas emissions per barrel part of the Galeota farm down process. Whilst Company intends to provide a full update on
of oil produced in the 2009-2021 period as an initial feedback has been encouraging, a number Trinity’s operations, including details on rates
effect of the application of innovative low-car- of participants have informed the Company that of production, recoverable barrels, economic
bon technologies. they are unable to fully assess the economics of return metrics and insight on the 2022 drilling
To intensify this trend, in addition to the the opportunity at Galeota without clarity on the campaign as the Company further develops
solutions already incorporated into the new off- expected reforms to Supplemental Petroleum its portfolio of cash generative, high margin
shore unit projects, the company is developing Tax (SPT), which are currently being consid- opportunities.
a new model of electrified platforms, known as ered by the Government of Trinidad and Tobago Jeremy Bridglalsingh, CEO: “Whilst it is frus-
All Electric, equipped to use less fuel for power (GORTT) and which were initially expected to trating to have to temporarily pause the Galeota
generation on board the unit. The new system have been confirmed sooner than now appears farm down process, we believe that this decision
reduces greenhouse gas emissions by up to likely. is necessary if we are to unlock the significant
20% compared to a traditional platform. The Pending SPT reform, which management still value of this asset. With our focus firmly on
company is also testing an unprecedented tech- expects to happen, the Company has decided to shareholders’ best interests we strongly believe
nology (the so-called HISEP®) that will reduce pause the Galeota farm down process. This will that this approach will, ultimately, ensure we
emissions in pre-salt fields, increasing their enable the Company to seek the best value prop- optimise value for shareholders. We remain
efficiency. osition for Galeota when the GORTT’s fiscal confident in the prospects for Galeota and, once
These were some of the highlights of the reforms have been confirmed. the GORTT’s fiscal reforms have been con-
speeches given by Petrobras directors João Hen- The Company is hopeful that the GORTT firmed, we will resume discussions and seek to
rique Rittershaussen (Production Development) will conclude its deliberations and provide fur- drive towards a successful conclusion of the farm
ther details on reforms to SPT in the near term down process as soon as practicable.
and this, along with potential stabilisation of the “Management’s near-term focus is now on
macro environment, will enable participants to maximising the significant opportunity afforded
fully assess the economics of the opportunity by the imminent resumption of drilling. The sig-
when the farm down process recommences. nificant subsurface work which we have under-
In the interim, the Company will continue to taken since purchasing the 3D seismic data
refine its plans for Galeota. In particular, it will covering our onshore assets, and the scrutiny
advance preparations for exploiting the 11.66mn of that work by our Technical Committee, now
barrels of 2P reserves remaining in the Trintes allows us to confidently target a combination of
field. conventional, high angle, horizontal and deeper
Drilling Programme: The Company is wells in the drilling campaign and we are excited
pleased to confirm its intention to resume drill- by the potential for meaningful production
ing activities early in H2-2022. The 2022 Drilling growth and returns.

P14 www. NEWSBASE .com Week 18 05•May•2022