Page 11 - LatAmOil Week 49 2019

LatAmOil
NEWS IN BRIEF
LatAmOil
The company expects those acquisitions to pro- videamulti-yearinventoryofdrillingprospects with the potential return to growth in produc- tion, proved reserves, revenues and a potential return to profitability.
Jim Schoonover, CEO of Houston American Energy, stated: “We are in the midst of a three phase plan designed to return Houston Amer- ican to sustainable revenue growth, profitability and growth in shareholder value. Phase One, focused on reducing our overhead, has resulted in a substantial decrease in our general and administrative expenses since 2017. Phase Two, focused on identifying and committing to pro- jects that offer both scale and revenue potential necessary to regain sustained profitability, has resulted in recent acquisitions of positions in acreage covering more than 645,000 gross acres, including two San Andres projects in the Mid- land sub-basin of the Permian Basin plus the CPO-11 block in Colombia. Having executed on Phases One and Two, we are now focused on Phase Three, executing on the development of these newly acquired assets, while continuing to identify new opportunities.”
Houston American Energy, December 05 2019
SERVICES
Trinidad: Aker Solutions
wins BP Cypre front-end
study contract
Aker Solutions has secured a contract to support the development of BP’s Cypre project, offshore Trinidad and Tobago.
The contract will see Aker Solutions deliver front-end engineering and design (FEED) for the first platform in a potential series of future assets within BP’s Trinidad and Tobago (BPTT) portfolio. The award comes following the suc- cessful delivery of early phase studies by Aker Solutions’ team in London. The study will be completed in the summer of 2020.
The FEED could lead to a full EPC contract combining green- and brownfield scopes, which would be executed from Aker Solutions’ Lon- don, Aberdeen and Mumbai offices.
“We are excited to be expanding the col- laboration with BP to develop the oil and gas resources in Trinidad and Tobago, which is a new region for us,” said Luis Araujo, chief exec- utive officer of Aker Solutions. ‘We will utilise our front-end engineering capacity to maxim- ise the output and minimise the footprint of the project.”
“We believe the Cypre project will set a new standard in ‘minimum facilities’ platform con- cepts, combining technology and improved
processes to achieve fully unmanned opera- tions,”headded.
Unmanned facilities offer benefits to oper- ators by reducing travel and CO2 emissions, as well as improving safety by removing permanent personnel offshore. The project is operated by BP Trinidad and Tobago, which is a partnership between BP and Repsol.
Aker Solutions, December 10 2019
Archer awarded four-year
contract extension from
Equinor for Peregrino field
Archer has announced that effective from December 1, 2020, Equinor has confirmed a new four year contract for the provision of platform drilling management services on their Peregrino field development on the Peregrino A and B plat- forms respectively.
The new four year contract awarded will be in direct continuation of Archer’s current contract, and will further extend Archer’s continuous rela- tionship with Equinor in Brazil to over 15 years since Peregrino A drilling start-up of operations in 2009.
The contract award ensures Archer’s con- tinued operations for Equinor in Brazil until November 30, 2024.
“We are delighted to have been awarded this four year contract award. It is positive news for Archer and is recognition of the hard work and commitment from all our personnel who have consistently maintained a safe environment on the Equinor Peregrino operations, whilst ensur- ing a high level of operational and technical effi- ciency.” said Kenny Dey, VP Platform Drilling. “We look forward to extending our working rela- tionship with Equinor in the continued develop- ment of the Peregrino field through the duration of the current contract term and beyond’”
Shelf Drilling, December 09 2019
Solstad Offshore signs
contract extensions with
Equinor Brazil
Solstad Offshore has signed contract extensions for two PSVs, Far Scotsman and Sea Brasil, with Equinor Brasil Energia in Brazil.
The contract for Far Scotsman is extended by two years, while Sea Brasil is extended by one year. Both are in direct continuation of present contracts.
The vessels will continue to support produc- tion activities at the Peregrino field in the Cam- pos Basin, offshore Brazil.
Solstad Offshore, December 06 2019
Petrobras completes sale
of 34 onshore fields in Rio
Grande do Norte
Petrobras, following up on the release disclosed on April 25, 2019, reports that it has completed the sale of its entire stake in 34 onshore produc- tion fields located in the Potiguar Basin, in the state of Rio Grande do Norte, to Potiguar E&P, a subsidiary of Petroreconcavo.
The transaction was completed with the payment of $266mn to Petrobras after fulfilling all precedent conditions and adjustments set forth in the Contract. The company had already received $28.8mn as a deposit on the signing date, on April 25, 2019. In addition, there will be apayment of $61.5mn conditional on obtaining the extension of the concession term for 10 of the 34 concessions.
This transaction is in line with the portfolio optimisation and the improvement of the com- pany’s capital allocation, aiming at generating value for our shareholders.
The 34 fields are located onshore in the Potiguar Basin, in the state of Rio Grande do Norte and produced an average of 5.8 thousand bpd in 2019. All concessions are 100% owned by Petrobras, except for Cardeal and Colibri fields, where Petrobras holds a 50% stake, with Partex Brasil Ltda. as operator with a 50% stake, and Sabiá da Mata and Sabiá Bico-de-Osso fields where Petrobras holds a 70% stake,with Sonan- gol Hidrocarbonetos Internacional do Brasil Ltda. as operator with a 30% stake.
As previously announced, the fields included in this transaction are: Acauã (AC), Asa Branca (ASB), Baixa do Algodão (BAL), Boa Esperança (BE), Baixa do Juazeiro (BJZ), Brejinho (BR), Cachoeirinha (CAC), Cardeal (CDL), Colibri (CLB), Fazenda Curral (FC), Fazenda Junco (FJ), Fazenda Malaquias (FMQ), Jaçanã (JAN), Janduí (JD), Juazeiro (JZ), Lorena (LOR), Leste de Poço Xavier (LPX), Livramento (LV), Maçar- ico (MRC), Pardal (PAR), Patativa (PAT), Pajeú (PJ), Paturi (PTR), Poço Xavier (PX), Riacho da Forquilha (RFQ), Rio Mossoró (RMO), Sabiá (SAB), Sabiá Bico de Osso (SBO), Sabiá da Mata (SDM), Sibite (SIB), Três Marias (TM), Trinca Ferro (TRF), Upanema (UPN) and Varginha (VRG).
Petrobras, December 10 2019
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