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LatAmOil NEWS IN BRIEF LatAmOil

statements in the public media about a possi- published in the media, informs that no deci-
PIPELINES & TRANSPORT ble acquisition by Ecopetrol of the company sion has been made by the Executive Board or
Monómeros Colombo Venezolanos, Ecopetrol the Board of Directors in relation to the Braskem
Petrobras provides warns the public that, within the framework of divestment process.
Petrobras clarifies that all actions related to its
its 2040 strategy and business plan announced
update on Route 3 to the market, it is not advancing in discussions participation in Braskem require careful analy-
regarding possible transactions involving this sis from a portfolio management perspective
Integrated Project company. and should be conducted in compliance with
applicable governance practices and internal
Ecopetrol, 24 March 2023
Petrobras, following up on the release disclosed procedures.
on September 23, 2022, informs that it has Ecopetrol obtains The Company reiterates its commitment to
signed a contract with the company Toyo Setal the broad transparency of its divestment pro-
Empreendimentos to conclude the works on authorisation to cesses and portfolio management and that mate-
the Natural Gas Processing Unit (UPGN) of the rial facts will be timely disclosed to the market.
Itaboraí GasLub Cluster, which had been halted borrow 1 trillion Petrobras, 24 March 2023
since June 2022.
With the resumption of the UPGN works, pesos from local bank
the forecast for the start of gas processing oper- PERFORMANCE
ations in the GasLub Cluster is maintained to Ecopetrol informs that, as part of its integral debt
occur in 2024, in accordance with the Strategic management strategy and the refinancing of the Touchstone Exploration
Plan 2023-2027. The other units required to debt maturing on 2023, through Resolution 0655
start these operations, such as the auxiliary units of March 16, 2023, it received the authorisation announces 2022 financial
located at the GasLub Cluster, and the subsea of the Ministry of Finance and Public Credit to
and onshore pipelines, have already completed enter into a one trillion Colombian pesos (COP) and operating results
their scope, and are in the final commissioning committed line of credit with Bancolombia.
or pre-operation phase. The authorised line of credit will have a term Touchstone Exploration has reported its operat-
The Integrated Route 3 Project, of which the of five (5) years from the date of the first dis- ing and financial results for the three months and
UPGN is a part, is strategic for Petrobras and for bursement, capital repayment at maturity, a var- year ended December 31, 2022.
the country as it will enable the flow and pro- iable interest rate previously agreed between the Q4 2022 Financial and Operating Highlights:
cessing of up to 21mn cubic metres per day of parties and an availability period until Decem- Achieved initial natural gas production from our
natural gas produced in the Santos Basin pre-salt ber 16, 2024. The resources will be entirely used Coho-1 well, which produced average net vol-
area and increase the supply of natural gas to the to pay commitments derived from existing umes of 5.729 mcf per day (955 boepd) in the
Brazilian market, reducing dependence on LNG credit obligations of Ecopetrol. quarter and contributed $1.114mn of net natural
imports. To obtain the committed facility, Ecopet- gas sales.
Petrobras, 24 March 2023 rol complied with all the required internal and Produced quarterly average volumes of 2,229
external procedures and approvals. The condi- boepd, a 67% increase relative to the 1,336 boepd
tions obtained ratify the confidence of the finan- produced in the prior year equivalent quarter.
INVESTMENT cial sector in the Company and its proactive Realised petroleum and natural gas sales of
management of the 2023 debt maturities. $9.919mn compared to $8.212mn in the equiv-
Ecopetrol comments Ecopetrol, 17 March 2023 alent quarter of the prior year, reflecting natu-
ral gas sales from Coho and a 12% increase in
on media reports about Petrobras says no average crude oil pricing in the fourth quarter
of 2022.
possible Venezuelan decision made on , representing a 17% increase from the prior year
Generated an operating netback of $4.319mn
acquisition Braskem divestment equivalent quarter. Operating netbacks were
$21.05 per boe, a 30% decrease from the $29.96
Ecopetrol informs that, with regards to Petrobras, regarding the pieces of news per boe reported in the fourth quarter of 2021,
attributed to natural gas volumes brought online
in the quarter.
Recognised current income tax expenses of
$1.092mn in the quarter compared to $208,000
in the fourth quarter of 2021, driven by $979,000
in supplemental petroleum tax expenses based
on our average realised crude oil price exceeding
the $75.00 per barrel threshold in the period.
Reported funds flow from operations of
$691,000 in the quarter compared to $1.309mn
in the prior year equivalent quarter, as a $637,000
increase in operating netbacks was offset by
increased general and administration, term loan
interest and current income tax expenses.

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