Page 14 - LatAmOil Week 17 2021

LatAmOil NEWS IN BRIEF LatAmOil

UPSTREAM end of the second term of the licence. attenuation and Time-Lag FWI, that were not
Commenting on the extension, Ian Thom- available at the time of the legacy imaging and
President Energy announces son OBE, Chairman of Argos, said: “We are very can better address the complexities of the area.
pleased that the Falkland Islands Government The integrated project team also includes geol-
drilling success at EV-1001 has awarded a licence extension. This reflects ogists who are providing expertise for salt sce-
the collaborative approach we seek to maintain nario testing and detailed interpretation.
AIM-listed President Energy, the energy com- with the government. Our intention is to secure Fast-track products are now available and
pany with a diverse portfolio of production and partners and commence exploration drilling as final migrations, including a TTI Kirchhoff and
exploration assets focused primarily in South soon as possible.” 45Hz RTM, are underway. The final migrations
America, has provided an operational update Argos Resources, April 27 2021 are being processed in two phases. Phase I will
with regard to the newly drilled well EV-1001 be available in May, providing approximately
at the Estancia Vieja field, Rio Negro Province, 2,373 square km of data directly over the Agata
Argentina SERVICES block in preparation for Round 7. Phase II will
Highlights: New well EV-1001 drilled, logged incorporate the remaining 7,007 square km of
and cased on time and budget. Electric and mud CGG data from Agata the project area with final migrations for the full
logs together with petrophysical review identify programme expected in August 2021.
net gas pay as expected and support pre-drill Reimaging programme to CGG, April 28 2021
projection of an initial production of 60,000
cubic metres per day. The rig is now moving off support 7th Bidding Round Seadrill secures new
location to the next well, EV-1002, also at the
Estancia Vieja field, which move will take up CGG has announced the delivery of the fast- contract for West Saturn
to four days with spudding currently projected track data from its Agata Reimaging programme
within approximately seven days. The new well over the Agata block in the Santos Basin, a highly drillship with Equinor Brasil
EV-1001 will now be completed with a coiled prolific area of Brazil’s offshore pre-salt. The
tubing unit and production is slated to com- ultra-modern reimaged seismic data set cover- Seadrill has secured a four-year firm contract
mence in the first half of May taking advantage ing over 9,300 square km will provide valuable with four one-year options, for the West Saturn
of higher gas prices. Completion of the new well information to oil and gas companies wishing to drillship with Equinor Brasil Energia for work
LB-1002 currently in progress, with further news evaluate acreage and assess the potential of the on the Bacalhau field in Brazil.
anticipated at the start of May. Plans continue for Agata block, prior to Brazil’s upcoming 7th Pro- Total value for the firm portion of the con-
significant investment in Salta Province, Argen- duction Sharing Bidding Round. tract is expected to be approximately $380mn
tina in H2-2021 focused on delivering material The Agata prospect is composed of ultra- (inclusive of mobilisation, upgrades, and inte-
new oil production by the year end to benefit deep pre-salt targets located below a highly grated services revenue) with a performance
from more stabilised oil prices. deformed salt layer. Imaging in this area is par- bonus providing meaningful incremental
President Energy, April 28 2021 ticularly challenging due to the complexity of the opportunity. The total contract value is con-
salt geometry combined with an entangled net- tingent on the final investment decision by the
Argos Resources awarded work of igneous rocks in the post-salt associated partnership for Bacalhau. Commencement is
with the Cabo Frio High volcanic activity. CGG’s expected in Q1-2022.
PL-001 licence extension Agata Reimaging programme is designed to bespoke, managed pressure drilling (MPD) sys-
The West Saturn has Seadrill’s existing,
improve the base of salt continuity, lateral coher-
AIM-listed Argos Resources, the Falkland ence and overall resolution to deliver superior tem already installed and in conjunction with
Islands based exploration company focused on images that minimise risk and provide a better Equinor and our partners, will receive further
the North Falkland Basin, has announced that understanding of the exploratory potential in upgrades and enhancements in safety, efficiency,
the Falkland Islands Government has extended this new frontier area. and environmental control.
the second term of the Company’s PL-001 The Agata programme reimages CGG’s Human factor safety enhancements to red-
Licence by 12 months, to May 1, 2022. legacy Santos VII broadband multi-client data zone management will be automated through
The Company has a commitment to drill one set with the very latest proprietary processing the use of our AI-enabled safety technology
exploration well within the licence area by the technologies. These include inter-bed multiple Vision IQ. The efficiency of the drillship will
be further enhanced through Seadrill’s Plato
Performance solution, driving continuous
improvement in repetitive drilling activities
whilst delivering consistent process execution
and optimisation of the drilling programme with
improved safety.
In line with our efforts to reduce emissions,
the fuel consumption of the West Saturn is
expected to be reduced by between 10-15%
with the introduction of a combined hydrogen
and methanol injection system along with other
energy efficiency upgrades. Emissions of car-
bon dioxide (CO2) are expected to reduce by
between 10-15%, and Nitrous Oxide (NOx) by
between 30-80%.

P14 www. NEWSBASE .com Week 17 29•April•2021