Page 15 - LatAmOil Week 50 2022
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LatAmOil                                    NEWS IN BRIEF                                          LatAmOil








       Gary Guidry, President and Chief Executive  is equal to the Base Case midpoint cash flow of  investors, whose assets total more than $130
       Officer of Gran Tierra, commented: “Our teams’  $295mn less the Base Case midpoint total capital  trillion.
       excellent work throughout 2022 has strongly  of $230mn. Free cash flows in the table above are   Petrobras, December 14 2022
       positioned the Company for continued devel-  the midpoints of the ranges of cash flows less the
       opment and enhanced oil recovery activities  midpoints of the ranges of capital expenditures
       in 2023 to optimise the value from each of our  for each oil price scenario.  PROJECTS & COMPANIES
       producing assets in Colombia. In addition, we   Earnings before interest, taxes and depletion,
       plan to allocate about 30% of our 2023 capital  depreciation and accretion (“EBITDA”) is a   FPSO re-certification
       programme to prioritised exploration drilling  non-GAAP measure and does not have a stand-
       opportunities in Colombia and Ecuador to fol-  ardised meaning under GAAP. Refer to “Non-  allows continuity of
       low up on our exciting initial exploration results  GAAP Measures” in this press release.
       in that 2022.                          “Operating netback” is a non-GAAP meas-  production at Atlanta field
         Our forecast 2023 capital budget is a bal-  ures and does not have standardised meaning
       anced, returns-focused programme which is  under GAAP. Refer to “Non-GAAP Measures”  Enauta Participações, in line with the best corpo-
       expected to provide free cash flow2 generation,  in this press release.  rate governance practices and in continuity with
       ongoing strengthening of our balance sheet,   Net debt is defined as GAAP total debt before  the material facts disclosed on July 1 and August
       shareholder returns via share buybacks, optimi-  deferred financing fees less cash.  7, informs its shareholders and the market in
       sation of ultimate oil reserves value and exposure   Gran Tierra Energy, December 7 2022  general that the Classification Society DNV (Det
       to exploration upside. We see material potential                         Norske Veritas) issued the recertification of the
       in our exploration portfolio located in highly                           Petrojarl I production unit.
       prospective geological trends in Ecuador and  POLICY                       “The recertification is a relevant step in the
       Colombia. We believe Gran Tierra is well-posi-                           transition process from Atlanta’s Early Pro-
       tioned to navigate the current volatile environ-  Petrobras joins CDP listing  duction System (EPS) to the Full Development
       ment with our low base decline, conventional oil                         System (FDS), it eliminates the main risk to the
       asset base and the operational control for capital  Petrobras informs that has become part of the  Company’s operation and production in the
       allocation and timing, while maintaining a low-  list of global companies that stand out in cli-  short term and paves the way for continuous
       cost structure and the safety of our people.”  mate change mitigation actions, as announced  cash generation until the start of operations of
         “Cash flow” refers to line item “net cash pro-  by the international organisation CDP, formerly  the FDS, expected for mid-2024,” said Carlos
       vided by operating activities” under generally  known as the Carbon Disclosure Project. The  Mastrangelo, COO at Enauta.
       accepted accounting principles in the United  company received an A- rating in recognition of   With the recertification, the current charter
       States of America (“GAAP”).         its good practices on this topic and as demon-  agreement with Altera Infrastructure will be
         “Free cash flow” is a non-GAAP measure  strated last year.             extended for a period of up to two years, until
       and does not have a standardised meaning   The CDP assessment is carried out annu-  May 2025. Located in the Santos Basin, the
       under GAAP. Free cash flow is defined as “net  ally, through a questionnaire sent to companies  Atlanta Field is operated by Enauta Energia,
       cash provided by operating activities” less capital  listed on the main stock exchanges in the world,  a wholly-owned subsidiary of the Company,
       expenditures. Refer to “Non-GAAP Measures”  analyzing the aspects related to carbon and cli-  which also owns 100% of this asset.
       in this press release. Forecast 2023 free cash flow  mate management, water security and forest   Enauta Participações, December 13 2022
       of $135mn “before exploration” is equal to the  management.
       Base Case midpoint cash flow of $295mn less the   In 2022, Petrobras reached the A- classifica-  Transocean announces
       Base Case midpoint total capital of $230mn, with  tion in the climate theme, the last year in which
       Base Case midpoint exploration-only capital of  the company obtained this recognition was in   $1.04bn in contract awards
       approximately $70mn added back. Forecast  2016. In addition, the company maintained its
       2023 free cash flow of $65mn “after exploration”  A- rating in water safety. These classifications   for two ultra-deepwater
                                           mean that Petrobras is recognised as a leader, a
                                           category that is reserved only for a selected group   drillships offshore Brazil
                                           of companies that demonstrate the best practices
                                           in the treatment of environmental issues.  Deepwater Corcovado: Transocean has
                                              This is another recognition of Petrobras’  announced awards for its ultra-deepwater drill-
                                           efforts and initiatives in the Environmental,  ships, Deepwater Corcovado and Deepwater
                                           Social and Governance (ESG) aspects. The  Orion, for work offshore Brazil with a national
                                           company remains committed to accelerating the  oil company. Together the two contracts repre-
                                           decarbonisation of its processes and products  sent approximately $1.04bn in firm backlog.
                                           and is committed to always acting ethically and   Deepwater Corcovado was awarded a four-
                                           transparently, with safety in its operations and  year contract, which contributes an estimated
                                           respect for people and the environment, deliver-  $583mn in backlog and is expected to begin in
                                           ing sustainable results for a society in transition.  the third quarter of 2023 in direct continuation
                                              About CDP: Based in London, the CDP is a  of the rig’s current contract.
                                           global reference for investors in providing qual-  Deepwater Orion was awarded a three-
                                           ity information on risks and opportunities asso-  year contract, which contributes an estimated
                                           ciated with reducing greenhouse gas, climate,  $456mn in backlog and is expected to com-
                                           water safety and forest management emissions.  mence during the fourth quarter of 2023.
                                           Currently, the CDP is used by more than 680   Transocean, December 7 2022



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