Page 15 - LatAmOil Week 14 2022

LatAmOil NEWS IN BRIEF LatAmOil

The estimated value of the lawsuit is BRL1.9bn, Argentina. over a five- to seven-day period. This produc-
of which BRL59mn have been provisioned, The Company looks forward to continuing to tion, along with the stored volumes, will be sold
and the remaining amount is classified as a update shareholders on production levels on a to the Iquitos refinery and through the Brazilian
possible loss in note 18.3 of the 2021 Financial quarterly basis. sales export route thereafter.
Statements. Echo Energy, April 5 2022 In Q1-2022, PetroTal produced over 1mn
Petrobras will file the appropriate appeals barrels of oil, approximately 11,700 bpd, despite
against this decision and informs that there was PetroTal announces social being significantly production constrained for
no change in the expected loss. most of March 2022. This is a PetroTal record
Petrobras, April 1 2022 and operational updates for quarterly production and equates to a sixth
straight quarter of production growth for the
Echo Energy provides PetroTal Corp. is pleased to announce a signed Company.
government agreement to end the social protest,
ONP Pipeline Status: As previously
production update previously announced on March 3, 2022, and announced on March 3, 2022, the Petroperu
recommencement of production and oil sales operated Northern Peruvian Pipeline remains
Echo Energy, the Latin American-focused upon opening of the loading dock. closed due to erosion caused by the rainy sea-
energy company, has provided an operational Protest Conclusion: On Wednesday April son, with no firm timeline of maintenance com-
update regarding its Santa Cruz Sur assets, 6, 2022, Peruvian government officials reached pletion provided by Petroperu. The Company is
onshore Argentina for Q1-2022. an agreement with the Asociación Indigena now focusing all efforts to maximise sales to the
Production during the period from Janu- de Desarrollo y Conservación de Bajo Puina- Iquitos refinery and the Brazilian export route.
ary 1, 2022, to March 31, 2022, has continued hua (AIDECOBAP), to end the social protest, Commercial and technical efforts to eventually
to remain strong and reached an aggregate which has been blocking PetroTal’s loading sell 400,000 barrel (13,000 bpd) monthly cargos
of 134,167 boe net to Echo during the period, dock. AIDECOBAP was protesting against the through the Brazil route are being explored.
including 23,830 barrels of oil and condensate government on three core issues: prosecution of CPF-2 Approval: The Company’s fully com-
and 662 mcf of gas. protesting rights, allocation of the Basic Needs missioned central processing facility (CPF-2)
Net liquids production in Q1-2022 averaged Trust capital to close the social gaps that exist received ministry approval on March 11, 2022,
265 bpd, an increase of 10% over Q4-2021 levels in Peru, and that the government expedite the and is now able to operate up to 26,000 bpd.
(240 bpd). Q1-2022 represents the fourth quar- formalisation of the Bretaña 2.5% social fund, Manuel Pablo Zuniga-Pflucker, President
ter in row of liquid production increases with the offered by PetroTal, into the Block 95 license and CEO, commented: “We are pleased with
annual increase since Q1-2021 of 34%. contract. this agreement that has ended the protesting
Net gas production averaged 7.4 mcf per day Peruvian government officials, which near our loading dock. We are also extremely
over Q1-2022 an increase compared with 7.0 included the Prime Minister, with support from appreciative of Perupetro and the Peruvian
mcf per day achieved in Q4-2021. PetroTal and local community members, agreed government’s support towards PetroTal’s social
Total net production averaged 1,491 boepd to the following items: The Ministry of Energy fund initiative that is aimed at creating long last-
in Q1-2022, representing a 6% increase over and Mines presented the proposal for a Minis- ing peace in the region for the benefit of all and
Q4-2021 production. terial Resolution for the creation of a technical without any discrimination whatsoever. We can
The Company continues its focus on max- working group to analyze the needs of local now turn our focus to operational optimisation
imising revenue from production. Total liquids communities in the Block 95 area; Perupetro has and continued development of Bretaña.”
sales net to Echo over Q1-2022 increased to agreed to propose the incorporation of the 2.5% PetroTal, April 7 2022
26,096 barrels (Q4-2021: 25,881 barrels). Dur- social development fund as an addenda into the
ing the quarter, two new customers signed agree- license contract through a supreme decree; and,
ments to purchase liquids from the Company, AIDECOBAP will immediately lift the blockade POLICY
providing further sales options and flexibility as near PetroTal’s loading dock.
the Company seeks to increase competition and Based on the current trust framework, Petro- Petrobras reports on
prices for its specific products. Tal has funded trust allocations totaling $1.1mn
Gas production is currently sold under exist- to date, for the eligible fortnight periods in 2022. approval of the Term of
ing long-term contracts and pricing agreed in The working group will observe, recommend
March 2021. As those contracts near expiry, the and support social trust policy, while day to day Closing of Pendencies
Company is engaged in commercial discussions operations of the social trust will be managed by
around annual gas contracts for the period from an independent third party. PetroTal will also with Novonor/Odebrecht
May 2022 noting the marked increase in global continue to fund and support its ongoing social
gas prices in recent months, combined with project commitments directly or via independ- Petrobras informs that its Board of Directors
the continued recovery in economic activity in ent project contractors. PetroTal wishes to thank approved the execution of the Term of Clos-
local residents and government officials for con- ing of Pendencies (TCP) between, on the one
tinued support through this protest period. hand, Petrobras and one of its affiliates (jointly,
Production Restoration Plan: In anticipation Petrobras) and, on the other hand, Novonor SA
of an agreement being reached, PetroTal has oil (previously called Odebrecht SA) and some of
barge support ready to arrive within hours of the its affiliates (jointly, Novonor/Odebrecht), for
loading dock’s formal reopening. The first tech- the purpose of definitively terminating four
nical priority is to unload approximately 90,000 contractual disputes by means of payment of
barrels of crude oil stored at the oil field, with amounts by Novonor/Odebrecht to Petrobras.
four to five barges currently engaged. Next, the Three of these disputes were under discussion in
operations team will ramp production back up arbitration proceedings.

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