Page 14 - LatAmOil Week 36 2022

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concession (POT-M-762 block), located in deep substantially grow New Stratus’ current produc-
INVESTMENT waters in the Potiguar Basin – Equatorial Margin tion and cash flow while maintaining the Corpo-
– off the coast of Rio Grande do Norte. ration’s significant financial flexibility.
Petrobras executive board interest until September 14, 2022, and the docu- acteristics: Gross production as of September 1,
Potential buyers interested may express their
The Acquired Interest has the following char-
approves end of sale ments required to participate in the process may 2022 was approximately 4,700 barrels of oil per
be delivered signed until September 16, 2022. day (bpd of oil). Proved developed producing
process for Albacora field The other information to participate in the pro- reserves: 1.023mn barrels of oil.
Blocks 16 and 67: Upon completion of the
cess is in the teaser available on Petrobras’ Inves-
Petrobras, following up on the release disclosed tor Relations website. Transaction, the Corporation will hold a 66%
on November 5, 2021, informs that its Executive The main subsequent stages of the project operated working interest in the Service Con-
Board approved today the end of the competitive will be reported to the market in due course. tracts for the Blocks, which are located in the
process for the sale of the Albacora concession, This disclosure is in accordance with Petro- Orellana Province in the prolific Oriente Basin
which will be maintained in its entirety in Petro- bras’ internal rules and with the provisions of in Ecuador. The Blocks have a long history of
bras portfolio. the special procedure for assignment of rights to production, with a total of 262 wells drilled, and
The company was negotiating with Pet- exploration, development and production of oil, excellent seismic coverage. This has contributed
roRio for the sale of the field. However, despite natural gas and other fluid hydrocarbons, pro- to substantial knowledge of the area’s charac-
the efforts of both parties, it was not possible to vided for in Decree 9,355/2018. teristics, properties, distribution of reservoirs,
converge on conditions that would reflect the The search for partnership in these assets is production mechanisms, and additional explo-
valuation of the asset for Petrobras. Thus, the aligned with the portfolio management strategy ration opportunities.
company will continue with the Albacora revi- and the improvement of the company’s capital The Blocks are comprised of 9 fields, with
talisation project, located in deep waters of the allocation, aiming at the maximisation of value total working interest production as at Septem-
Campos Basin, which includes the development and greater return to society. ber 2, 2022 of approximately 15,159 bpd of oil at
of production from the Forno reservoir, located About the assets: POT-M-853 and POT-M- an average gravity of 15.5 degrees API. New Stra-
in the Albacora pre-salt. 855 blocks: the exploration blocks were acquired tus gross production is expected to be approxi-
The project foresees the contracting of a new in the 7th Bidding Round of the National Petro- mately 10,000 bpd of oil following completion of
FPSO-type platform (a floating system that pro- leum Agency (ANP) in 2006. Petrobras cur- the Transaction.
duces, stores, and transfers oil) for the field to rently holds 100% stakes and is conducting the Existing infrastructure includes two oil and
replace the two production units that currently Discovery Assessment Plan for the Pitu well, water processing centers with a capacity of
operate in the asset (P-25 and P-31). with a firm commitment to drill an exploratory 75,000 bpd of oil and 900,000 barrels of water
The company remains fully committed to its well (Pitu Oeste well) scheduled for 2023. per day, with all the water production being rein-
active portfolio management program and rein- POT-M-762 block: the exploration block jected into 30 wells. Additional area infrastruc-
forces its commitment to broad transparency was acquired in the 15th ANP Bidding Round ture includes electricity generation plants and
of the divestment processes. In this sense, it is in 2018 and Petrobras holds a 100% stake. Petro- a topping plant which produces diesel used to
important to emphasise that Petrobras contin- bras plans to drill the Anhangá well (Anhangá power operations.
ues to periodically reassess its portfolio of assets, Exploratory Opportunity) between 2023 and The oil produced in the fields is moved by
continuously identifying which ones should be 2024. a 16-inch pipeline to Lago Agrio, where it is
divested and which ones should be the focus of Petrobras, September 8 2022 loaded into the Oleoducto de Crudos Pesados
its investments. Ecuador S.A. pipeline and transported to a port
The decision to end the Albacora sale pro- New Stratus Energy on the Pacific Ocean. Tariffs are governed by the
cess does not affect the ongoing divestment Service Contracts and a portion of such tariffs is
of the Albacora East field, whose sale contract acquires partner interest indexed to US CPI/PPI. While the existing Ser-
was signed with PetroRio on April 28, 2022. vice Contracts expire in December 2022, signif-
Petrobras remains committed to closing this in Blocks 16 and 67 icant production potential remains in the Blocks.
transaction. New Stratus continues to negotiate with the
Petrobras, September 8 2022 New Stratus Energy is pleased to announce it has Government of Ecuador, specifically the Minis-
entered into an asset purchase agreement with try of Energy and Mines on the extension of the
Petrobras extends deadline one of the Corporation’s working interest part- rights to the Blocks through a production shar-
ners in Blocks 16 and 67 in Ecuador to acquire ing contract where the Corporation has commit-
for sale of exploration the Vendor’s entire working interest in the ted to a capital expenditure program in excess of
CAD250mn. The Blocks include commitments
Blocks. Pursuant to the Agreement, the Corpo-
assets in Potiguar basin ration will acquire an additional undivided 31% to minimise the environmental impact of opera-
working interest in the service contracts for the tions, to maintain high standards of safety, and to
Petrobras, following up on the release disclosed Blocks for total consideration of approximately undertake long-term investments for the benefit
on August 16, 2022, informs the extension of the $1.2mn cash, subject to adjustment. Comple- of local communities.
deadlines, contained in items AA and AC of the tion of the Transaction is subject to prior regu- Transaction Terms: Pursuant to the terms
teaser, for the expression of interest in participat- latory approvals, including authorisation by the of the Agreement, the total consideration con-
ing in the opportunity to sell 40% of its interest Ecuadorean Ministry of Energy and Mines and sists of a cash payment of approximately $1.2mn
in the BM-POT-17 exploratory concessions, antitrust authorities. The Transaction, upon stat- (CAD1.4mn) subject to adjustment for working
where the Discovery Assessment Plan for the utory sanctioning, will consolidate the Corpora- capital and for carryforward payments under the
Pitu well is being developed (POT-M-853 and tion’s working interest in the Blocks, increasing Service Contracts arising after the closing date
POT-M-855 blocks), and the POT-M-762_R15 from 35% to 66%. The Transaction will also and before December 31, 2022.

P14 www. NEWSBASE .com Week 36 08•September•2022