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Bahamas Petroleum Co.

provides high-impact
exploration update

Bahamas Petroleum Co. (BPC), the Caribbean-
and Atlantic margin-focused oil and gas com-
pany with production, appraisal, development
and onshore and offshore exploration assets
across the region, has provided an update on its
high-impact exploration assets in The Bahamas
and Uruguay.
Highlights: Since the completion of the drill- generation, transmission, and distribution, as Energy.
ing of Perseverance #1, the Company has had well as gas processing and compression aboard Siemens Energy, March 22 2021
discussions with industry counterparties in rela- an FPSO that will operate offshore South Amer-
tion to a potential farm-out of its licences in The ica starting in 2024.
Bahamas and is working to formalise an entirely MISC Berhad is building the FPSO to expand INVESTMENT
new farm-out process. Consequently, the Com- its fleet of 14 floating production systems. The
pany intends to renew the four southern licences FPSO is expected to have a processing capacity Petrobras starts binding
in The Bahamas into a third three-year “drill or of 180,000 barrels per day (bpd) of oil and 12mn
drop” exploration period. cubic metres per day of gas. phase of Bahia Terra Cluster
Final Perseverance #1 drilling cost expected “The order demonstrates our strengths and
to be approximately $45mn compared to pre- capabilities to transform FPSO operations to stake sales
drill estimate of approximately $35mn; addi- be more sustainable while fulfilling production
tional costs of approximately $10mn incurred requirements,” said Thorbjoern Fors, Executive Petrobras, following up on the release disclosed
as a result of heightened COVID-19 procedures Vice President for Siemens Energy Industrial on December 23, 2020, informs the beginning
(approximately $3mn) and side-tracking oper- Applications. of the binding phase, referring to the sale of all
ations related to mechanical debris in the well The topside modules will be designed and of its stakes in a set of 28 onshore production
(approximately $7mn). manufactured across Asia, with main engineer- field concessions, located in the Recôncavo and
Formal contract execution for Off-1 block in ing and execution activities done through Sin- Tucano Basins, in the state of Bahia, jointly called
Uruguay expected Q2-2021; independent tech- gapore. Packaging for all the rotating equipment the Bahia Terra Cluster. Potential buyers qual-
nical work undertaken by Uruguayan national packages will occur at Siemens Energy’s Santa ified for this phase will receive a process letter
oil company ANCAP indicates a P50 estimated Barbara d’Oeste facility in Brazil. The facility is with detailed instructions on the divestment
ultimate recovery volume (EUR) of 1.34bn bar- also fully equipped to provide support and ser- process, including guidelines for due diligence
rels at the Lenteja prospect. vice to the FPSO’s modules once it is deployed. and the submission of binding proposals.
Cash on hand of approximately $13mn (as at Siemens Energy’s scope of supply includes About the Bahia Terra Cluster: The Bahia
1 March 2021, including unconditionally com- the EPC work for all eight modules and several Terra Cluster comprises 28 onshore production
mitted convertible notes); anticipated additional key components: two electric, low-pressure concessions located in different municipalities
capital requirement in 2021/2022 across the centrifugal compressors; two electric, CO2 of the state of Bahia and includes access to pro-
business of $25-$40mn, the Company expects compressors; three main injection compressors cessing, logistics, storage, transportation and
to more than cover the difference from various driven by Siemens Energy SGT-A35-GT62X gas outflow infrastructure for oil and natural gas.
potential funding sources. turbines; four Siemens Energy SGT-A35-GT30 Additionally, the cluster has collection and
Bahamas Petroleum Co., March 24 2021 gas turbines for power generation; an E-house; treatment stations, oil storage and transpor-
plus all electricals including an electrical control tation parks, gas and oil pipelines, besides the
and management system (ECMS). NGPU Catu and other infrastructures associ-
SERVICES The ECMS is being designed to provide ated with the production process.
monitoring and supervision for the power gen- The average production of the Cluster in Jan-
Siemens Energy to supply eration and distribution network for load man- uary-February 2021 was about 13,500 barrels
agement of the FPSO facility, including topside per day (bpd) of oil and 660,000 cubic metres
topside modules, support and marine. MISC and the FPSO operator can per day of gas.
use the ECMS to monitor FPSO power, generate
Petrobras is the operator of these fields with
for FPSO vessel offshore reports, and plan for future sustainability. 100% participation. Petrobras also informs that
“Our mission is to help our partners in their the concessions related to the Recôncavo and
South America energy transition by providing the equipment, Miranga Fields were not included in the ces-
infrastructure, and support to create thoughtful sion process of the Bahia Terra Cluster, since the
Siemens Energy has been awarded a topside and sustainable change without compromising respective sale contracts were signed on Decem-
EPC contract by MISC Bhd for eight complete their ability to meet the world’s growing energy ber 17, 2020, and February 24, 2021, as disclosed
topside modules that will provide sustainable, needs,” said Arja Talakar, Senior Vice President, to the market on these dates.
efficient, and environmentally friendly power Industrial Applications Products for Siemens Petrobras, March 19 2021

Week 12 25•March•2021 www. NEWSBASE .com P13