Page 14 - LatAmOil Week 29 2021

LatAmOil NEWS IN BRIEF LatAmOil

SERVICES

PGS delivers additional

Campos basin fast-track
products for Brazil’s 17th

Round

Fast Track PSDM products are now available
from PGS’ Campos Deepwater GeoStreamer
X MultiClient 3D, now over Blocks C-M-350,
C-M-417, and C-M-485.
PGS continues to deliver new data for the
emerging plays of the outboard Campos Basin.
These new data are the first 3D seismic products
delivered over this area, allowing Brazil’s 17th
Round participants to evaluate this acreage prior
to the Bid Round, scheduled for October 2021.
Fast Track anisotropic (TTI) PSDM prod-
ucts are now available and include Kirchhoff curtailments due to extensive protests and Shareholders reelected all GeoPark directors
and RTM stacks and gathers. In addition, final demonstrations that affected overall logistics at the AGM held on July 15, 2021, with every
processed gravity and magnetic products are throughout Colombia. Production restored by director receiving at least 70% of the shares
also available over the larger Campos Deepwater the end of Q2-2021, with GeoPark currently voted. Newly appointed Independent Chair of
GSX programme. producing 38,000-39,000 boepd. Drilling the Board, Sylvia Escovar. GeoPark’s Board com-
PGS’ Campos Deepwater GeoStreamer and field operations normalised by the end of posed of a majority of independent directors and
MC3D project was acquired in 2020 and 2021 Q2-2021 and currently fully active with three key committees consist solely of independent
with 10 km long offsets to improve depth veloc- operated drilling rigs and three workover rigs in directors (Nomination and Corporate Govern-
ity modeling accuracy of the post-salt, salt, and Colombia. ance, Audit, and Compensation committees)
pre-salt sections. Ongoing Operations and Revised 2021 Guid- Returning Cash and Value to Sharehold-
PGS, July 20 2021 ance: Full-year 2021 average production has ers: Quarterly Dividend of $0.0205 per share
been revised to 38,000-40,000 boepd with a work ($1.25mn), paid on April 13, 2021. Quarterly
Norskan wins two new programme of $125-140mn and operating net- Dividend of $0.0205 per share ($1.25mn), paid
on May 28, 2021. Resumed discretionary share
backs of $340-390mn (assuming Brent at $60-
contracts in Brazil 65 per barrel). H2-2021 production is expected buyback programme, having acquired 241,927
to average 39,000-42,000 boepd (excluding the shares for $2.9mn since November 6, 2020,
DOF ASA’s Brazilian subsidiary Norskan has potential production from the H2-2021 explo- while executing self-funded and flexible work
been awarded two contracts. Skandi Paraty ration drilling programme). H2-2021 drilling programmes, and paying down debt.
(AHTS 21,000 with ROV operated by DOF Sub- programme includes exploration prospects in Ongoing Portfolio Restructuring: Peru: Exe-
sea Brasil) has been awarded a one-year contract the CPO-5 (GeoPark non-operated, 30% WI) cuted agreement to transfer the Morona block
extension with Petrobras until July 2022. and Llanos 94 (GeoPark non-operated, 50% contract and operatorship to Petroperu. Brazil:
Skandi Iguaçu is on-hire with Equinor on a WI) blocks. Flexible work programme, quickly Manati gas field divestment process expected
spot contract utilisation in July and August 2021. adaptable to any oil price scenario. to close by the end of 2021. Brazil: REC-T-128
DOF, July 16 2021 Debt Reduction and Cost Savings: Strategic block farm-out closed during May 2021. Argen-
first phase deleveraging process executed in tina: initiated a process during May 2021 to eval-
April 2021, resulting in significant debt reduc- uate farm-out/divestment opportunities. Asset
PERFORMANCE tion with extended maturities and lower cost management restructuring initiative providing
of debt. $85mn of cash & cash equivalents as of G&A, OPEX and other cost improvements.
GeoPark announces June 30, 2021. Long-term financial debt maturity GeoPark, July 22 2021
profile with no principal payments until Septem-
Q2-2021 operational update ber 2024. Petrobras reports
ESG+ Actions: National electric grid connec-
GeoPark, a leading independent Latin Ameri- tion and PV solar projects currently underway highlights of production
can oil and gas explorer, operator and consoli- to continue improving industry-leading cost and
dator with operations and growth platforms in carbon footprint performance in the Llanos 34 and sales in Q2-2021
Colombia, Ecuador, Chile, Brazil, and Argen- block (GeoPark operated, 45% WI). Currently
tina, today announced its operational update for developing strategic medium and long-term Petrobras announces highlights of production
the three-month period ended June 30, 2021. greenhouse gas reduction policy. GeoPark’s and sales in Q2-2021
Highlights, Oil and Gas Production and annual sustainability report (SPEED/ESG 2020 In Q2-2021, Petrobras continued to oper-
Operations: Consolidated oil and gas produc- report) to be published in August 2021. ate safely and had a solid operating perfor-
tion of 36,489 boepd, impacted by managed Corporate Governance Strengthening: mance, despite the persistence of the pandemic

P14 www. NEWSBASE .com Week 29 22•July•2021