Page 10 - LatAmOil Week 48 2021

LatAmOil GUYANA LatAmOil

Heavy crude oil has been found at the Joe and Jethro fields (Photo: Eco Atlantic)

One of these was the Jethro-1 exploration well, the light oil Cretaceous section on the block ...
which encountered 55 metres of net pay, and the The near-term will be exciting ... with ExxonMo-
other was the Joe-1 well, which encountered 16 bil’s Fangtooth-1 well, just north and down dip
metres of net pay. of Orinduik on the Stabroek block, testing some
Both Jethro and Joe have been deemed of the deeper sections [of the Guyana-Suriname
non-commercial, as they contain heavy oil, but basin].”
the consortium is still hopeful of finding light Eco has a 15% stake in the Orinduik block.
crude, which will command higher prices. The remaining equity in the project is split
Gil Holzman, Eco’s president and CEO, com- between operator Tullow Oil (UK/Ireland), with
mented: “On our Orinduik block, we are close 60%; and TOQAP, a partnership established by
to finalising the drilling targets selection process TotalEnergies (France) and Qatar Petroleum,
and continue to see substantial prospectivity in with 40%. ™

BRAZIL
Brazilian economy minister urges

government to privatise Petrobras

BRAZILIAN Energy Minister Paulo Guedes has
urged the government to include the national
oil company (NOC) Petrobras in its list of pub-
lic-sector entities slated for privatisation.
Speaking on December 1 during an online
event hosted by Brazil’s Economy Ministry,
Guedes argued that Petrobras was likely to
become a drag on the government’s finances
as plans for phasing out fossil fuels moved for-
ward. The company’s value is certain to decline Petrobras: headed for privatisation? (File Photo)
as demand for oil falls, so Brasilia should unload
it before it becomes “irrelevant,” he argued. should be sold quickly, as it risks becoming irrel-
This is the same logic that led the govern- evant in two or three years. The same applies to
ment to decide that it was time to privatise Cor- Petrobras ... We must privatise Correios, Eletro-
reias, the national postal service, and Eletrobras, bras and keep in mind that [a similar rationale]
the national power provider, he commented, also applies to Petrobras, to our whole portfolio,”
according to a report from Reuters. “Correios the news agency quoted him as saying.

P10 www. NEWSBASE .com Week 48 02•December•2021