Page 16 - LatAmOil Week 21 2022

LatAmOil NEWS IN BRIEF LatAmOil

Daniel Hiller, Vice-President Brazil, said: “We
are delighted to have been awarded this contract
by Petrobras and we look forward to reinforc-
ing our strong, collaborative relationship as we
deliver Búzios 8.”
Subsea 7 defines a major contract as being
over $750mn.
Subsea 7 is a global leader in the delivery of
offshore projects and services for the evolving
energy industry, creating sustainable value by
being the industry’s partner and employer of
choice in delivering the efficient offshore solu-
tions the world needs.
Subsea 7, May 26 2022
Prosafe awarded Safe Eurus

contract by Petrobras

Prosafe has been awarded a contract by
Petrobras for the provision of the Safe Eurus development and exploration assets across the AREA OFF-1 licence exhibits the same Aptian
semi-submersible vessel for safety and mainte- region, has provided an update in relation to play source rock and petroleum systems being
nance support offshore Brazil. the AREA OFF-1 petroleum licence offshore present.
Similar to the recently announced Safe Notos Uruguay. The Company has received multiple indi-
contract award, the award has a firm period The AREA OFF-1 licence was awarded to the cations of interest in relation to potential part-
commitment of four years and the commence- Company in May of 2020. Since that time there nerships for the AREA OFF-1 licence. The
ment is end-March 2023 following on from the has been an extended period on non-activity, Company intends to explore such possibilities,
expiry of her current contract that commenced largely as a result of the COVID-19 pandemic, with a view to potentially expediting a 3D seis-
in October 2019. The total value of the contract during which formal signature of the licence was mic acquisition into the first licence exploration
is approximately $126mn. pending. period. Further updates will be provided as and
The Safe Eurus is a technologically advanced Following final approvals being granted by when appropriate.
and efficient Dynamically Positioned (DP3) decree of the President of Uruguay, the AREA Eytan Uliel, CEO of Challenger Energy, said:
semi-submersible safety and maintenance sup- OFF-1 licence was formally signed on May 25, “Two years ago, at the peak of a period of indus-
port vessel, capable of operating in harsh envi- 2022. Consequently, the first four-year explora- try inactivity due to the pandemic, we identi-
ronments. The Safe Eurus can accommodate tion period under the licence has commenced. fied a compelling opportunity to apply for the
up to 500 persons, has extensive recreation The Company’s minimum work obligation OFF-1 licence in Uruguay. For very low cost, we
facilities and a large capacity open deck area and during this initial period is to undertake rela- were able to secure an exploration licence of an
telescopic gangway. When operating the vessel, tively modest, low-cost reprocessing and rein- extremely high quality, with a greater than 1bn
Prosafe will have strong focus on reducing emis- terpretation of selected historical 2D seismic barrel recoverable resource potential.
sions through innovative energy performance data. There is no drilling obligation in the initial Since then, while waiting for formal approval
monitoring and associated fuel consumption phase. The Company’s work programme and of the licence, the world has changed in a way
reduction. budget for the balance of 2022 and into 2023 that makes this licence even more attractive.
Jesper Kragh Andresen, CEO of Prosafe includes sufficient allocation of funds to progress Globally significant developments are now
says: “This award from Petrobras for the Safe the agree minimum work obligation on AREA underway along the South American Atlantic
Eurus comes in close succession to that recently OFF-1. margin in Guyana and Suriname, basins with
announced for the Safe Notos. Ensuring high AREA OFF-1 contains a management esti- analogous technical characteristics. Even more
vessel utilisation for Prosafe in Brazil creates mated resource potential exceeding 1 billion significantly, very recent mega-discoveries from
a robust platform to expand the regional fleet barrels of oil equivalent recoverable (BBOE), the South Atlantic conjugate margin to Uru-
when opportunities materialise through the based on current mapping from multiple explo- guay, offshore Namibia, from two wells drilled
global agreement reached with COSCO Ship- ration plays and leads in relatively shallow by majors in the past few months, have calibrated
ping for the Safe Nova and Safe Vega.” waters, and with significant upside running and confirmed the play source rock and petro-
Prosafe, May 25 2022 room. This estimate is corroborated by formal leum systems evident on seismic in OFF-1.
resource estimates provided by ANCAP (the With the licence formally signed, we are now
Challenger Energy signs Uruguayan national oil company) of 1.36bn able to begin pushing ahead with our initial low-
barrels of oil equivalent (boe) as a P50 expected cost work programme. At the same time, over
contract for AREA OFF-1 ultimate recoverable resource. the remainder of 2022 and into 2023 we will
The AREA OFF-1 play system is directly explore partnering options that could lead to an
licence offshore Uruguay analogous to the recent prolific, conjugate accelerated work programme, the object being to
margin discoveries made offshore Namibia by quickly and fully evaluate the licence’s potential,
AIM-listed Challenger Energy, the Carib- Total (the Venus well) and Shell (the Graff well), and to thereby create what we hope will be an
bean and Atlantic-margin focused oil and where reported multi-billion-barrel Cretaceous opportunity of great value to shareholders.”
gas company, with oil production, appraisal, turbidite reservoirs have been encountered. The Challenger Energy, May 26 2022

P16 www. NEWSBASE .com Week 21 26•May•2022