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Total reports exit from Foz

do Amazonas basin in Brazil

Total has announced that it has reached an
agreement on September 24, 2020 to transfer to
Petrobras its equity interest in five exploration
blocks in the Foz do Amazonas Basin, located
120 km offshore Brazil. These blocks are refer-
enced as FZA-M-57, FZA-M-86, FZA-M-88,
FZA-M-125 and FZA-M-127.
The closing of the transaction is subject to the
preemption rights of partners in the blocks and
standard regulatory approvals.
Total, September 28 2020
Bahamas Petroleum

announces Perseverance-1
operational update

In the lead-up to drilling of its first exploration
well in The Bahamas, Perseverance-1, BPC,
the Caribbean and Atlantic margin focused oil services and supplies. This includes entering into complies with BPC’s contractual obligations.
and gas company, with exploration, produc- a Master Service Agreement with Halliburton, Drilling Team and Facilities Expansion: Prior
tion, appraisal and development assets across another important step as we progress towards to the COVID-19 shut-down, BPC had estab-
the region, has provided the following update drilling. The MSA with Halliburton provides lished a drilling field office in Houston Texas, and
in relation to preparation for well operations. access to services on an integrated basis from had assembled a core Perseverance #1 drilling
Perseverance-1, at 100% equity to BPC, is one of the world’s pre-eminent oilfield services team with collectively nearly 300 years of drilling
expected to spud before Christmas 2020, and is companies, befitting of the flagship nature of this and project support experience. All members of
targeting recoverable prospective resources of project. this team were furloughed in March/April 2020,
700mn-1.4bn barrels of oil. “Alongside this our drilling team has recom- pending resumption of drilling activities.
Highlights: Well control and associated menced activity, and whilst presently working With the spud of Perseverance #1 now antic-
insurance policies placed for Perseverance #1; remotely, office accommodation in Texas is back ipated prior to Christmas 2020, members of this
expansion of dedicated drilling team and facil- up and running for when actual drilling oper- team have returned to work, to resume final
ities in Houston, Texas; logistics planning and ations are underway, at which time the team operational planning in the run up to commenc-
contracts progressed for a range of necessary ser- can be physically co-located. I look forward to ing drilling. Activities are focused on ensuring
vices and supplies, including entry into a Master updating shareholders on additional milestones continuous and safe operations during this time
Service Agreement with Halliburton for provi- in the coming months.” of COVID-19 interruptions, logistics planning
sion of integrated well services for the drilling Insurance Policy Placement: Under the to ensure the drilling vessel is fully and efficiently
of Perseverance #1; updated conceptual devel- terms of BPC’s licences in The Bahamas, and in supplied at the time of spudding and thereafter,
opment study and associated update of potential accordance with global best practice standards, and ensuring all documentation, procedures,
full-field economics reaffirms economic robust- BPC is required to secure an extensive suite of management systems and response plans are
ness of the project. In a successful development insurance policies to cover drilling operations accurate and up to date in light of the confirmed
scenario of the estimated Perseverance #1 P50 for Perseverance #1, including an appropriate use of the Stena IceMAX. Most of the drilling
resource, at $40 per barrel oil price, the project well control policy. team is presently working remotely, but a phys-
would deliver an NPV10 exceeding $2.5bn, and BPC is pleased to advise that it has now ical field office in Houston has reopened, such
revenues of over $5bn to the Government of The secured all required insurances for the Perse- that when drilling operations are underway the
Bahamas. verance #1 well drilling operations. The insur- team can be physically co-located.
Simon Potter, CEO of BPC, said: “Last week, ance placement, arranged by Aon UK, follows Halliburton MSA: In August 2019, following
we advised of an important milestone: the nomi- an extensive independent third-party review of extensive technical discussions and mutual due
nation of the Stena IceMAX as our drillship facil- BPC’s well plan, design and risk mitigation pol- diligence, BPC received proposals (including
ity for Perseverance #1 and the anticipated spud icies. The insurance placement has been with a pricing) for a range of integrated well-related ser-
date of that well, being prior to Christmas 2020. panel of insurers comprising of Lloyd’s of Lon- vices, for the Perseverance #1 drilling campaign.
“With the certainty around our forward don and International Company markets (with At that time, and as previously announced, BPC
schedule, we are now able to push on with a wide all meeting local Bahamian insurance regula- issued a notice of award to Haliburton for pro-
range of important planning and logistics tasks, tions), all of which have a financial rating of A vision of those integrated well services, as a pre-
such as completing our insurance placement and or higher from Standard & Poor’s. The policy cursor step to finalising a detailed contract as is
progressing a range of necessary contracts for utilises internationally recognised wordings and customary in the industry.

P18 www. NEWSBASE .com Week 39 01•October•2020