Page 15 - LatAmOil Week 02 2020

LatAmOil
NEWS IN BRIEF
LatAmOil
PRODUCTION
Peru: PetroTal
announces 2019 year-end
oil production of 13,300 bpd
PetroTal, the Peruvian focused E&P company, has announced 2019 year-end production of 13,300 barrels per day (bpd) of oil from the Bretaña oil field, operated 100% by PetroTal.
The xompany achieved 2019 exit rate pro- duction of 13,300 bpd and has averaged 12,500 bpd for the first 11 days of 2020. Average oil pro- duction from the Bretaña oil field for the fourth quarter was 7,757 bpd, a 77% uplift on the 4,382 bpd achieved during the third quarter of 2019. In 2019, PetroTal produced just over 1.5mn bar- rels of oil, representing average oil production of 4,131 bpd, an increase of over 330% from the average production of 958 bpd realised in 2018.
The 5H well continues to perform above expectations and has now produced 240,000 barrels of oil in its first 30 days of operation and is currently producing 6,500 bpd.
Commissioning of the central production facility (“CPF”) commenced on December 22, 2019 with the successful hydrostatic test of the new 20,000 barrel oil storage tank. Commission- ing will continue for another 30 days while all components are flow tested. During this period, overall oil production at the field is expected to fluctuate.
At December 31, 2019, PetroTal had cash of approximately US$21mn, inclusive of US$15mn received for oil delivered to the ONP pipeline from December 1 to 15 through the previously announced oil sales contract with PetroP- eru. Going forward, the company will receive monthly revenue payments under the terms of this oil sales agreement.
Within a week, the company intends to announce its 2020 capital budget, which aims at replicating last year’s success by more than tri- pling annual production and achieving a 2020 exit rate of 20,000 bpd. PetroTal plans to achieve this by accelerating commissioning of the next phase of facilities to late August this year instead of year-end 2020.
Manolo Zuniga, President and Chief Exec- utive Officer, commented: “We’re pleased that
we were able to exit 2019 at the upper end of the previously announced guidance, a new record oil production level for PetroTal. The entire PetroTal team worked extremely hard to accom- modate the strong oil production of the 5H well during the CPF commissioning phase.
“Additionally, the implementation of the PetroPeru oil sales contract, enables the Com- pany to receive regular monthly revenues for its oil production.”
PetroTal, January 13 2020
INVESTMENT
Petrobras releases
teaser for E&P tender
in Espírito Santo Basin
Petrobras reports that it has started the oppor- tunity disclosure stage (teaser), referring to the sale of its entire stake in two sets of deep-water post-salt offshore concessions, namely Golfinho Cluster and Camarupim Cluster, located in the Espírito Santo Basin. The teaser, which includes key information about the opportunity, as well as the eligibility criteria for selection of poten- tial participants, is available on the Petrobras website.
The main subsequent stages of the project will be reported to the market in due course. This dis- closure complies with the Petrobras’ divestment guidelines and with the provisions of the special
procedure for assignment of rights to explora- tion, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.
This transaction is in line with the portfolio optimisation and the improvement of the com- pany’s capital allocation, aiming at maximizing value for its shareholders.
Golfinho Cluster is located at a water depth between 1,300 metres and 2,200 metres, com- prising the fields of Golfinho, oil producer, and Canapu, non-associated gas producer, and the BM-ES-23 exploratory block.
The average total production of the fields between 2018 and 2019 was 15,000 barrels per day (bpd) of oil and 750,000 cubic metres per day of gas.
Camarupim Cluster is located in a water depth between 100 metres and 1,050 metres, comprising the unitized fields of Camarupim and Camarupim Norte, both producers of non-associated gas.
Petrobras has 100% stake in the Golfinho and Camarupim Clusters concessions, with the exception of the BM-ES-23 exploratory block, in which it holds a 65% majority stake in part- nership with PTTEP (20%) and Inpex (15%). Petrobras is the operator in all concessions. { The process of acquisition by Petrobras of Ouro Pre- to’s stake in Camarupim Norte field was started in August 2018 and is expected to be concluded in the first quarter of 2020.)
Offers can be submitted separately by Cluster or as a single offer for both Clusters.
Petrobras, January 15 2020
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