Page 17 - LatAmOil Week 02 2021

LatAmOil NEWS IN BRIEF LatAmOil

PETROCHEMICALS

Braskem issues notice of

partial return of operations

To maintain its shareholders and the market
informed and following up with the notice
dated December 2, 2020, Braskem Idesa (BI)
announces that it has partially resumed its
operating activities based on an experimental
business model, following the applicable safety
standards, to reduce the impact on the Mexican
plastic industry’s supply chain.
Braskem Idesa further informs that legal
measures have been initiated to enforce its legal
and contractual rights, as established in the
Ethane Supply Agreement entered into between
BI and Pemex. Braskem Netherlands, BI’s direct
shareholder, also initiated legal measures based
on applicable international rules to enforce its
legal and contractual rights to protect its invest-
ment in Mexico. Such measures include a reme-
diation and negotiation period during which it
will seek a resolution between the parties. committed to conducting our operations in a drilling campaigns; commencing with Saffron
Braskem Idesa remains subject to an adverse sustainable manner while providing first-class #2 in Trinidad and Tobago, and Weg Naar Zee
scenario due to the interruption of the natu- data and insights services offshore Brazil and all extended well test in Suriname. Delivered certi-
ral gas transportation and cannot estimate, at areas of operations around the world.” fied 2P reserves and 3C resources targets; seismic
this moment, the date for the full return of BI Espirito Santo fast track data is expected in reprocessing and drilling to drive further restate-
activities or the impact of the disruption of such Q4-2021 and will be processed using Dynamic ment in Q2-2021. 100% owned Perseverance
activities. Matching Full Wave Inversion (DM-FWI). #1 exploration well, targeting recoverable P50
Braskem Idesa reinforces its commitment to DM-FWI is a technology that uses seismic prospective oil resources of 770mn barrels and
the pursuit of constructive alternatives to resolve reflection and refraction information to auto- with an upside of 1.44bn barrels, commenced
the country’s ethane shortage. The Company will matically update the velocity model and allows on December 20, 2020, in The Bahamas, with
keep Investors informed of any developments for superior, geologically coherent velocity mod- drilling ongoing.
relating to this matter. els, improved subsurface analysis and reduced Election to draw on first tranche of funding
Braskem Idesa, January 07 2021 uncertainty. Dynamic Matching FWI achieves a (GBP3m) under the Company’s convertible
step-change in velocity modelling where imag- note funding facility now made; variation to the
ing in depth is clearer and more geologically Funding Option Agreement entered into with
SERVICES consistent while overcoming many of the limi- the Investor in respect of the potential exercise
tations of standard FWI. of both the Put and Call.
TGS announces Espirito TGS, January 13 2021 stated strategy has been to complement high-im-
Simon Potter, CEO of BPC, said: “BPC’s
This project is supported by industry funding.
Santo multi-client 3D pact exploration activities with producing, and
thus cash generative, assets. In this context,
survey offshore Brazil PERFORMANCE during 2020 we brought together an exciting
portfolio of assets in multiple locations and laid
TGS, a leading provider of multi-client geosci- Bahamas Petroleum Co. out a strategy with clear operational objectives
ence data for exploration & production (E&P) in support of delivering a significant financial
companies, has announced the commencement issues update on goal by the end of 2021. I am pleased to report
of the Espirito Santo multi-client 3D seismic to shareholders that on leaving 2020, the initial
survey offshore Brazil – previously publicised portfolio operations key operational objectives were met and conse-
on November 18, 2020. quently we remain on track across the portfolio
This survey, covering 2,694 square km, will Bahamas Petroleum Co. (BPC), the Caribbean to deliver our goals.
broaden the region’s 3D coverage while adding and Atlantic margin-focused oil and gas com- “Pleasingly, notwithstanding the obvious
to the extensive offshore seismic library. This pany, with production, appraisal, development constraints of operating across all of our asset
survey is being acquired in a dual-azimuth and exploration assets across the region, has base during a global pandemic, we managed to
acquisition format. provided an update on its operations across its increase production in Trinidad and Tobago to
Kristian Johansen, CEO at TGS, commented: portfolio, as at the start of 2021. our targeted 500 bpd level by the end of 2020.
“We are pleased to commence this new survey Highlights: Achieved production target of The next challenge will be to sustain that pro-
as we grow our 3D library and further position 500 bpd by end of 2020; end 2021 target remains duction and grow it further so as to achieve our
TGS in the region. Further, we remain strongly at 2,500 bpd. On track to deliver extensive 2021 2,500 bpd production target by the end of 2021.

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