Page 20 - LatAmOil Week 48 2020

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Depending on technical outcomes, speed of on low carbon.
permitting approvals, and rig and funding avail- SP 2021-25 presents four top metrics that
ability, an accelerated 2021 work programme will directly impact the compensation not only
could include: Up to a further eight Saffron pro- of executives, but of all company employees in
duction wells in Trinidad and Tobago, Up to a 2021. Two metrics are related to sustainability
further three Weg naar Zee production wells in (ESG): Intensity of greenhouse gas emissions
Suriname, and A further one exploration well (GHG); Leaked volume of oil and oil products;
in the SWP. Anticipated capital expenditure for Gross debt of $67bn in 2021; Consolidated EVA®
the base work programme of up to $20mn, and delta of $1.6bn.
up to approximately $35mn in a scenario where We maintain the TRI indicator (total record-
all developments and exploration activities are able injuries per million man-hours) as the top which involve for example the reduction of natu-
accelerated (in all cases subject to funding and metric for 2021, but adjust the target to below ral gas flare burning, CO2 reinjection and energy
rig availability and permitting). 0.7, reinforcing the company’s commitment to efficiency gains in the refineries. We have created
As with Perseverance #1 in The Bahamas over life. We continue with our zero-fatality ambi- an executive management focused on climate
the past 2 years, the Company has developed a tion and insert in this plan the ambition of zero change, linked to the Institutional Relations and
funding strategy for operations in Trinidad leakage. Sustainability Office, and we aim to keep Petro-
and Tobago and Suriname, which it will seek Debt reduction and financial deleveraging bras in the first quartile of the industry in rela-
to implement in coming months and thereafter will continue to be a priority, with the operating tion to low CO2 emissions.
through 2021 so as to ensure funding for planned cash generation and divestments fundamental To this end, we have reviewed our 10 com-
operations is available as and when required, on for these purposes. From January 2019 to Sep- mitments to sustainability: The 2021-25 Stra-
the best possible terms, with a view to achieving tember 2020, even with the impacts of COVID- tegic Plan proposes a set of strategies that give
the best outcomes for shareholders. 19 and the oil shock in 2020, we have been able visibility to issues that were relevant in 2020 for
For BPC’s currently producing assets the CPR to reduce our gross debt by $31bn and maintain the future of Petrobras, such as (i) transparency
indicates: Certified net 2P reserves across BPC’s our target of $60bn by 2022. and focus on sustainability (ESG), especially
portfolio of production assets in Trinidad and Our divestment portfolio contains more than regarding the decarbonisation of operations;
Tobago of 1.29mn barrels, exceeding BPC’s tar- 50 assets at different stages of sale process. At the (ii) strengthening of logistics activities, mar-
get for end of 2020 by 30%. (BPC calculates this same time as debt relief, divestments contribute keting and sales; (iii) search for a more efficient
represents in excess of $50m of undiscounted to improving the capital allocation and conse- and sustainable Refining – BioRefining and (iv)
gross future cashflow at $40/bbl oil.) Certified quently to create value for the shareholder. strengthening of Petrobras’ management model.
net 2C contingent resources of 7.46mn barrels Capex foreseen for the 2021-2025 period is With the execution of this Strategic Plan,
across BPC’s portfolio of production assets in $55bn, of which 84% is allocated to the Explo- Petrobras reaffirms its commitment to become
Trinidad and Tobago and in Suriname, provid- ration and Production (E&P) of oil and gas. The a more financially robust company, with low
ing clear direction as to where to apply work and investment of $46bn in E&P involve approxi- indebtedness and cost of capital, focused on
capital during 2021. mately $32bn, 70%, in pre-salt assets. This allo- world-class oil and gas assets and value creation,
Bahamas Petroleum Co., December 01 2020 cation is adherent to our strategic positioning, always acting in an ethical and transparent man-
focusing on world-class assets in deep and ultra- ner, with safety in its operations and respect for
Petrobras approves deep waters, which we are natural owners, with a people and the environment.
human capital quality, technological knowledge
Petrobras, November 27 2020
strategic plan for and ability to innovate. Bahamas Petroleum Co.
The capital scarcity imposes competition
2021-2025 period between projects to obtain funding, approving
only those that are resilient to Brent of $35per
Petrobras informs that its Board of Directors barrel. reports on Bahamas cost
approved in a meeting held today the Strategic Oil, LNG and natural gas production: The estimate, funding update
Plan for the five-year period 2021-2025 (SP oil and gas production curve estimated for the
2021-25) period 2021-2025, without considering the Bahamas Petroleum Company (BPC) has pro-
The plan maintains the five pillars that sup- divestments, indicates a continuous growth vided an update on cost estimates and fund-
port the implementation of the company’s set focused on the development of projects that ing arrangements for well operations in The
of strategies: (i) Maximisation of the return generate value, increasing the participation of Bahamas.
on capital employed; (ii) Reduction of the cost the assets in the pre-salt with lower lifting cost. Highlights: Sustained impact of COVID-19
of capital; (iii) Relentless search for low costs During this period, 13 new production systems means that BPC and Stena Drilling have decided
and efficiency; (iv) Meritocracy and (v) Safety, are expected to come into operation, all of them to implement enhanced COVID-19 mitigation
health, respect for people and the environment. allocated to deepwater and ultra-deepwater measures; this includes heightened isolation
Petrobras reaffirms the vision of “Being the projects. and testing measures for all crew and personnel,
best energy company in generating shareholder The oil production for 2021 reflects the extended mandatory quarantine in secure hotel
value, focusing on oil and gas and with safety, impacts related to the COVID-19 and the divest- facilities, and private charter flights. Enhanced
respect for people and the environment,” aims ments that occurred in 2020. We consider a vari- COVID-19 mitigation measures and associated
to eliminate the performance gap that separates ation of 4% up or down for the 2021 production. operational impacts means the cost estimate for
us from the best global oil and gas companies Low carbon and sustainability commitments: Perseverance-1 is revised upward by approxi-
(Mind the Gap concept) and presents the model Petrobras reinforces commitment to the envi- mately 15%, to $24mn to $28mn (from $21mn
of double resilience: economic, resilient to low ronment and the use of new technologies for to $25mn); contingency element expanded to
oil price scenarios, and environmental, focusing decarbonisation of our processes and products, $7mn (from $5mn).

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