Page 14 - LatAmOil Week 10 2022

LatAmOil NEWS IN BRIEF LatAmOil

PIPELINES & TRANSPORT
Crown Point announces

closure of Cruz del Sur

offshore oil loading
facilities in Tierra del Fuego

Crown Point Energy announces that it has
received notice that the offshore oil loading
facilities located at Cruz del Sur, Tierra del Fuego
have been closed, effective immediately.
YPF, operator of the Cruz del Sur oil storage
and offshore loading facilities, has given notice
that the offshore loading facility has been closed
due to technical difficulties. YPF had intended to
decommission the offshore loading facilities in Economic Defense (CADE) published on March reserves from the Reserves Report are provided
July 2022, but has now decided to cease offshore 8, 2022 a dispatch declaring the Act of Concen- below. All finding and development (F&D) costs
loading operations immediately. tration to be complex and ordering the execution below include changes in future development
Crown Point, together with its joint venture of a few diligences. capital (‘FDC’). Financial information contained
partners and YPF, have been building a 23-km The declaration of complexity is a procedural herein is based on the Company’s unaudited
6-inch oil pipeline to connect the Cruz del Sur oil act defined in article 56 of Law 12.529/2011, results for the year ended December 31, 2021
storage facility and the San Martin oil field with allowing CADE to order the execution of com- and is subject to change.
the Total Austral operated Rio Cullen marine plementary instruction, specifying the dili- 2021 Year-end Reserves Report Highlights:
terminal, in anticipation of the Cruz del Sur off- gences to be carried out, and also allowing the Relative to year-end 2020, increased 3P gross
shore loading facility closure in the second half competition authority to request, afterwards, if reserves by 21% to 121,332mn boe, increased
of 2022. necessary, the extension of the deadline in up to 2P gross reserves by 16% to 75,547mn boe and
This project will be accelerated. However, 90 days, changing the deadline for the analysis of increased 1P gross reserves by 13% to 38,731mn
in the interim Crown Point together with its the operation from 240 to 330 days. boe in 2021.
joint venture partners are arranging to export The diligences determined are related to the Touchstone’s net present value of future net
oil by truck to the ENAP refinery at San Grego- further analysis of the operation and its effects revenues discounted at 10% (NPV10) on a before
rio, Chile and to the Total Austral operated Rio on the downstream refining markets and possi- tax 3P basis increased by 31% to $1.31bn, before
Cullen marine terminal in Tierra del Fuego. The ble competitive impacts. tax 2P NPV10 increased by 29% to $881.8mn
sales price at both San Gregorio and Rio Cullen Petrobras will continue to collaborate with and before tax 1P NPV10 increased by 31% to
is indexed to the Brent oil price. CADE in order to obtain the approval of the $474.9mn from the prior year.
About Crown Point: Crown Point Energy transaction within the legal deadline and will Realised after tax 3P NPV10 of $535.6mn,
Inc. is an international oil and gas exploration keep the market informed about any relevant representing an increase of 28% from the prior
and development company headquartered decision. year, after tax 2P NPV10 increased by 26% from
in Calgary, Canada, incorporated in Canada, In addition to the approval by CADE, the year-end 2020 to $363.1mn and after tax 1P
trading on the TSX Venture Exchange and with completion of the transaction is still subject NPV10 increased by 29% from the prior year to
operations in Argentina. Crown Point has a to compliance with other usual preceding $210mn.
strategy that focuses on establishing a portfo- conditions. Achieved 1P F&D costs of $10.36 per boe,
lio of producing properties, plus production Petrobras, March 10 2022 resulting in a recycle ratio of 2.6 times using our
enhancement and exploration opportunities to unaudited annual estimated 2021 operating net-
provide a basis for future growth. back of $26.55 per boe.
Crown Point Energy, March 9 2022 PERFORMANCE Realised 2P F&D costs of $6.96 per boe,
resulting in a 2P recycle ratio of 3.8 times,
Touchstone announces demonstrating our capital efficient operations
INVESTMENT on the Ortoire block.
Relative to year-end 2020, increased Casca-
Petrobras comments on the year-end 2021 reserves dura 1P reserves by 14% to 26,902mn boe and 2P
Touchstone Exploration has announced a sum-
total reserves by 16% to 52,082mn boe following
sale of the REMAN refinery mary of its 2021 year-end reserves and an oper- our successful Cascadura Deep-1 well tested in
2021.
ational update.
Petrobras, following up on the release disclosed Our independent reserves evaluation was The Royston exploration discovery was
on August 25, 2021, concerning the sale process prepared by GLJ Ltd with an effective date of assigned gross working interest 3P reserves of
of Refinaria Isaac Sabbá (REMAN) to Ream Par- December 31, 2021. Highlights of our total 4,800mn boe, gross working interest 2P reserves
ticipações S.A., informs that the General Super- proved (1P), total proved plus probable (2P) and of 3,520mn boe and gross working interest 1P
intendence of the Administrative Council for total proved plus probable plus possible (3P) reserves of 1,280mn boe.

P14 www. NEWSBASE .com Week 10 10•March•2022