Page 13 - LatAmOil Week 14 2020

LatAmOil SURINAME LatAmOil
 Meanwhile, Apache and Total are planning to carry out additional drilling work this year.
“Upon completion of operations at Sapa- kara West-1, the Sam Croft will move to the third prospect in Block 58, Kwaskwasi, which is located approx. 10 km (6 miles) north-west of Sapakara West-1. The fourth exploration target is Keskesi, which will be drilled approximately 20 km (12 miles) south-east of Sapakara West- 1.” the statement said. “Both exploration wells will test oil-prone upper Cretaceous targets in the Campanian and Santonian intervals in res- ervoirs that appear to be independent from the Maka and Sapakara discoveries.”
John Christmann, Apache’s president and CEO, described the discovery as a sign of success.
“Our second discovery offshore Suriname
this year further proves our geologic model and confirms a large hydrocarbon system in two play types on Block 58,” he said. “Based on a con- servative estimate of net pay across multiple fan systems, we have discovered another very sub- stantial oil resource with the Sapakara West-1 well. Importantly, our data indicates that the Sapakara West-1 well encountered a distinct fan system that is separate from the Maka Central-1 discovery we announced in January this year.”
Equity in Block 58 is split 50:50 between Apache and Total, with the former serving as operator. To date, the partners have identified more than 50 prospects and at least seven dis- tinct types of plays within Block 58’s thermally mature play fairway. The block covers an area of 1.4mn acres (5,670 square km) in Suriname’s offshore zone. ™
VENEZUELA
US official: Rosneft may be able to avoid sanctions over Venezuela
A high-ranking US official said last week that Washington was ready to lift sanctions on a sub- sidiary of Russia’s largest oil operator Rosneft, provided that the company can show that it is no longer doing business in Venezuela.
According to Elliott Abrams, the US special envoy for Venezuela, conditions will change if Geneva-based Rosneft Trading is found to have formally transferred its operations in the Venezuelan oil sector to another entity and “has nothing to do with Venezuela.” Washington will make a determination on the matter based on the facts on the ground, he was quoted as saying by Argus Media.
Abrams did not say whether US authorities would require any specific form of proof from the Russian company.
The US government sanctioned Rosneft Trading earlier this year, saying that the Rosneft arm had been actively involved in trading Ven- ezuelan crude oil, serving as a middleman for sales to third parties. Last month, it extended the same penalties to TNK Trading International, another company owned by Rosneft.
Since then, Rosneft has announced plans to sell all of its Venezuelan assets to another com- pany. It did not name the buyer but said in late March that the assets were now in the hands of a 100% state-owned Russian entity.
Rosneft took this step shortly before the Kremlin announced the formation of a new government-run company, Roszarubezhneft, which will engage mostly in the production and transportation of crude oil and associated gas. As of press time, Moscow had not said whether
the new firm will assume control of Rosneft’s Venezuelan portfolio, which includes stakes in the Boqueron, Petromiranda, Petromonagas, Petroperija and Petrovictoria ventures.
This transfer of assets has drawn criticism from some members of Venezuela’s political opposition. Earlier this week, the National Assembly’s energy and petroleum committee reported that it had launched an investigation into the deal.
Elias Matta, the head of the committee, alleged that Rosneft’s move contravened three articles of the Venezuelan constitution, as well as the article of the national hydrocarbons law that covers the formation of joint ventures between the national oil company (NOC) PdVSA and international oil companies (IOCs).™
Petromonagas is a PdVSA-Rosneft JV (Photo: Rosneft)
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