Page 20 - LatAmOil Week 49

LatAmOil NEWS IN BRIEF LatAmOil

for people and the environment. FINANCE
Petrobras, December 04 2020
Moody’s affirms investment

grade rating and stable
SERVICES
DOF Group awarded new outlook for Ecopetrol

contract for its fleet in Ecopetrol reports that the rating agency Moody’s
United have made significant progress on the kept the Company’s long-term international rat-
work programme items, including a re-inter- Brazil for Petrobras ing at Baa3, with stable outlook.
pretation of the Morant Basin. The update to In its report, the rating agency highlights the
the CPR was commissioned based on this new The DOF Group has announced a new contract company’s solid performance despite the drop in
work. As well as a review of the drill-ready award for its fleet in Brazil for Petrobras. The oil prices and contraction in demand, caused by
Colibri prospect, with an updated reservoir AHTS18000 Skandi Rio will support Petrobras’ the COVID-19 pandemic. Likewise, it empha-
model based on the Pre-Stack Depth Migration exploration and production activities on the sises the measures adopted by Ecopetrol to pro-
(PSDM) 3D data-set that was acquired and pro- Brazilian continental shelf. The vessel is owned tect its liquidity and respond proactively to the
cessed in 2018-2019, for the first time the CPR and operated by Norskan Offshore, while DOF crisis.
also included a review of the wider prospectivity Subsea Brasil Servicios will be responsible for Moody’s maintained Ecopetrol’s individual
across the basin. In total, 11 prospects and leads the ROV operations. Both companies are 100% credit rating (Stand - Alone/ without incorpo-
were reviewed, and the results are shown in Table owned subsidiaries of DOF ASA. rating government support) at ba1.
1. These highlight overall prospective resources The contract duration is for 3+1-year with Ecopetrol is the largest company in Colom-
of over 2.4bn barrels. expected commencement in December/January. bia; it is a comprehensive oil chain company, one
At Colibri, the new reservoir model has led to Skandi Rio is a Brazilian built and flagged AHTS of the 40 largest oil companies in the world and
unrisked mean prospective resources of 406mn vessel equipped with Work Class ROVs for oper- one of the top four in Latin America. In addi-
barrels being assigned to the primary drill can- ations down to 3,000 metres water depth. tion to Colombia, where it generates more than
didate. This is an increase of 77% compared to Mons Aase, CEO in DOF Group, states: “I 60% of domestic production, it has exploration
the previous value of 229mn barrels that was am very pleased with the contract award, which and production activities in Brazil, Peru and the
estimated in a CPR completed at the end of confirms the DOF Group’s strong position in the United States (Gulf of Mexico). Ecopetrol owns
2019. The fact thatbn-barrel potential has been South America region.” the largest refinery in Colombia, most of the
recognised in the Morant basin, away from the DOF Group, December 09 2020 country’s oil and pipeline network and is signif-
existing 3D seismic data, suggests there is sig- icantly increasing its participation in the biofuel
nificant follow-on potential should there be a sector.
basin-opening success at Colibri. INVESTMENT Ecopetrol, December 04 2020
United Oil & Gas, December 07 2020
Petrobras concludes MOVES
sale of onshore fields
MIDSTREAM
Petrobras comments Petrobras, following up on the release disclosed Parex announces
retirement of Dave Taylor,
on September 3, 2020, informs that it has con-
oncancellation of UTGCA cluded today the sale of 100% of its stakes in four appointment of Imad
onshore fields, located in the Tucano Basin, in
adequacy project the countryside of the state of Bahia, to Eagle
Exploração de Óleo e Gás (Eagle).
Petrobras informs that, based on an evaluation After fulfilling all the previous conditions, the Mohsen as president/CEO
of its portfolio of opportunities and projects, it transaction was concluded with the payment of Parex Resources, a company headquartered in
has decided to interrupt the development of the $2.571mn to Petrobras, already with the adjust- Calgary, Alberta, and focused on Colombian oil
infrastructure adequacy project of the Monteiro ments foreseen in the contract. The amount exploration and production, herein announces
Lobato Gas Treatment Unit (UTGCA), located received at the closing is added to the amount of that Dave Taylor has elected to retire from the
in Caraguatatuba-SP. $602,000 paid to Petrobras at the signing of the Company under its normal course retirement
The decision was made due to the project’s sales contract, totaling $3.173mn. policy, coincident with his 65th birthday, as of
loss of economic attractiveness, evaluated in The onshore fields called Conceição, Quer- the Annual General Meeting of the Company’s
light of the premises of the 2021-2025 Strategic erá, Fazenda Matinha and Fazenda Santa Rosa shareholders in May 2021.
Plan. As a result, Petrobras also decided to cancel are located about 110 km from the city of Salva- Taylor joined Petro Andina, the precursor
the associated bids that would meet the project. dor. The average production of these fields from company to Parex in 2007 as VP Exploration
Petrobras reinforces its commitment to the January to October 2020 was approximately and Business Development and continued in
generation of value in its portfolio and its strat- 24,300 cubic metres per day of natural gas (153 that role following the spinout of Parex in 2009.
egy supported by the five pillars: maximising the boepd), with no oil production. After the con- In that capacity he led the effort to assemble the
return on capital employed, reducing the cost of clusion of the sale, Eagle will hold 100% interests asset base that has supported the growth of the
capital, relentless search for low costs and effi- in these concessions. Company from its inception to its current status
ciency, meritocracy, and safety, health, respect Petrobras, December 09 2020 as the 2nd largest oil company in Colombia.

P20 www. NEWSBASE .com Week 49 10•December•2020