Page 9 - LatAmOil Week 38 2019

LatAmOil
NEWS IN BRIEF
LatAmOil
UPSTREAM
Maha Energy announces increase to Tie field reserves and government oil delivery approvals
The Company is pleased to provide an updated oil and gas reserve volume report for the Tie Field, onshore Brazil. Following the recently drilled Attic Well (7-Tie-1D-BA) Maha requested its independent engineering consult- ants, Chapman Petroleum Engineering, of Cal- gary, Canada, to complete a re-determination of the producible volumes at the Tie field.
This represents a substantial increase in each category of reserves: P reserves at the Tie field up by 14% (0.622mn barrels); 2P Reserves at the Tie field up by 62% (6.631mn barrels); 3P reserves at the Tie field up by 67% (8.320mn barrels).
These increases are due to seismic remapping of the Tie structure after drilling the Attic well, where the structure top was encountered signif- icantly deeper than what was earlier prognosti- cated. In effect, the structure is now determined to be less steep and aerially larger.
The Chapman report has been completed and calculated in accordance with the standards set out in the Canadian Oil and Gas Evalua- tion Handbook (COGEH), compliant with the National Instrument NI51-101 standards and the professional practice standard under the Permit to Practice.
Maha Energy, through its subsidiaries, owns and operates a 100% working interest in the Tie field onshore Bahia State in Brazil.
As previously disclosed, the company has agreed to increase oil deliveries to both of its customers for Tie field production. Petrobras has agreed to receive an additional 750 barrels per day (bpd) of oil at a new receiving terminal, and the local refinery has agreed to accept up to an additional 800 bpd. Both customers were awaiting certain final government departmental approvals before they could commence receiv- ing the additional oil deliveries.
The company is pleased to confirm that Petrobras have received final clearance to com- mence receiving up to 750 bpd of additional oil to the new Receiving Terminal. The local Refin- ery is still awaiting final clearance. As a result of the final approval received by Petrobras, the Company has an outlet for up to 4,050 bpd. The final approval for the local refinery is imminent.
The company will continue to match increased production to the new receiving capacity as it becomes available.
Jonas Lindvall, CEO of Maha Energy com- mented: “We are thrilled over the increase in
reserve volumes at the Tie dield. The drilling results of the Attic well, [which was] drilled and completed earlier this year, yielded a substantial increase in structural area, which in turn has led to larger in situ hydrocarbon volumes.”
Maha Energy, September 24 2019
Petrobras reports on event at P-50
Petrobras reports that platform P-50, located in the Campos Basin, in the Albacora Leste field, had its production preemptively halted on Sun- day night, due to the disruption of the mooring of the anchor system.
Anchored by another 15 moorings, the plat- form is stable and safe, offering no risk to peo- ple and the environment. Currently, 178 people work on board in this unit.
Petrobras is taking all necessary measures to repair the system and resume production as soon as possible. The unit produces, on average, 20,000 barrels of oil per day.
Petrobras, September 23 2019
GeoPark announces new
oil discovery at Llanos 34
block in Colombia
GeoPark, a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colom- bia, Peru, Argentina, Brazil, Chile and Ecuador, today announced the discovery of the new Guaco oil field in the Llanos 34 block (GeoPark operated, 45% working interest) in Colombia.
GeoPark drilled and completed the Guaco-1 exploration well located along the third and most western major fault trend in the Llanos 34 block. This is the first oil discovery along this trend and potentially opens up a new play. The well was drilled to a total depth of 11,936 feet (3,638 metres). Similar to other Llanos 34 fields, it appears to be both a structural and stratigraphic trap. Oil shows during drilling and petrophysical analysis indicated the potential for hydrocarbons in both the Guadalupe and Mirador formations. A production test conducted with an electric submersible pump in the Guadalupe formation resulted in a production rate of approximately 960 barrels per day of oil, 24.6 degrees API, 0.3% water cut, through a choke of 35/64 inches and wellhead pressure of 50 pounds per square inch.
Additional production history is required to determine the stabilized flow rates of the well and further appraisal and development drilling will be necessary to determine the extent of the field. Surface facilities are in place and the well is already in production. The Guaco discovery
represents the fourteenth oil field discovered and put into production by GeoPark since acquiring Llanos 34, an exploration block with zero pro- duction in 2012.
James F. Park, CEO of GeoPark, said: “Con- gratulations to GeoPark’s oil-finding team for continuing to look out beyond the prolific already-discovered producing oil fields and for- mations to search for and discover new oppor- tunities. This result underscores the exciting potential still remaining in the Llanos Basin and the attractiveness of GeoPark’s recently-acquired exploration blocks surrounding Llanos 34.” GeoPark, September 23 2019
Petrobras announces start of binding phase for the sale of onshore fields in Tucano Sul Cluster
Petrobras, following up on the release dated July 25, 2019, reports the beginning of the binding phase regarding the sale of its interest in four onshore exploration and production conces- sions, located in the state of Bahia, jointly called Tucano Sul Cluster. Qualified parties for this phase will receive a process letter with detailed instructions on the divestment process, includ- ing guidelines for due diligence and submission of binding proposals.
This release complies with Petrobras’ divest- ment methodology, which is in accordance with the provisions of the special procedure for the sale of the rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9.355/2018. This operation is in line with the company’s portfolio optimisation and improve- ment of capital allocation, aiming at creating value for our shareholders.
The Tucano Sul Cluster comprises four onshore concessions: Fazenda Matinha, Con- ceição, Quererá and Fazenda Santa Rosa fields, located in the state of Bahia, in the Tucano Basin ( located between Jatobá and Recôncavo basins), next to the municipalities of Biritingas and Sátiro Dias. Petrobras is the operator with 100% inter- est of these fields, which, in 2018, had an average total production of about 29.2 thousand cubic metres per day of gas.
Petrobras, September 20 2019
Rystad: Guyana discovery not as anticipated
A second oil discovery in the Orinduik Block was announced earlier this week. The Joe-1 exploration well was drilled to a final depth of
Week 38 26•September•2019
w w w . N E W S B A S E . c o m
P9