Page 16 - LatAmOil Week 10 2022

LatAmOil NEWS IN BRIEF LatAmOil

in order to avoid winter storms and hurricanes
prevalent in the Gulf of Mexico. The DTYMS
was developed by SOFEC, Inc., a MODEC group
company, and the mooring jacket was fabricated
in Altamira, Mexico.
The FPSO is MODEC’s second operations
and maintenance project for Mexico, following
the FSO Ta’Kuntah.
“MODEC is happy to support our customer
in their first foray into Mexico,” says Soichi Ide,
President & CEO of MODEC Singapore. “The
FPSO Miamte MV34 is our first FPSO to arrive
at site in 2022, and we are very proud of this
achievement. The successful project delivery
helps to pave the way for our further inroads
In the panel that discussed the changes in strat- benefit oil exporting countries such as Brazil and into this region.
egies for the area of exploration and production Mexico, but will have a negative impact on oil “With the support of our customer, part-
of oil in the future, the Director of Institutional importers such as Argentina and Chile. ners, contractors and subcontractors, ven-
Relations and Sustainability at Petrobras, Rafael Venezuela will gain from high oil prices but dors and suppliers, as well as everyone on the
Chaves, released figures that reinforce the role of the economic sanctions on Russia will reduce the MV34 project team, we were able to overcome
oil in the pre-salt for the energy transition. “Our financial support it receives from Russia, he said the challenges from many fronts, including the
ultra-deepwater fields are very efficient in terms The Houston Energy Club is a public pol- pandemic.”
of emissions. In the pre-salt, 10kg of greenhouse icy analysis organisation composed of energy MODEC, March 10 2022
gases are emitted per barrel produced, while the experts and executives based in Houston. The
industry’s average CO2 emission is almost 20kg,” organisation has held the Latin America Energy Trinity Exploration provides
he detailed. Forum since 2016.
Even with Petrobras’ good performance, Houston Energy Club, March 8 2022 update on Galeota project
Chaves believes that the company needs to be
alert to further reduce its emissions. “Investment AIM-listed Trinity Exploration & Production,
in technological solutions aimed at reducing PROJECTS & COMPANIES the independent E&P company focused on
emissions is not a matter of choice, it is man- Trinidad and Tobago, has received the final Cer-
datory for all oil companies,” said the director, MODEC’s FPSO Miamte tificate of Environmental Clearance (CEC) for
who also talked about the investments that are the Galeota Asset Development (GAD) Project
planned in the refineries, both for reducing MV34 achieves first oil from the Environmental Management Author-
emissions from industrial plants and for devel- ity of Trinidad and Tobago (EMA).
oping biofuels, such as diesel with renewable offshore Mexico This now completes all required environmen-
content. tal clearances for the Echo Field Development,
Petrobras, March 9 2022 MODEC has announced that the FPSO Miamte which has the potential to achieve peak annual-
MV34, operating in the Offshore Area 1 block ised gross production of circa 7,000 bpd. Receipt
Houston Energy Club in the Gulf of Mexico achieved the First Oil pro- of the CEC is another important step on the path
to achieving Final Investment Decision (FID) for
duction on February 23, 2022.
holds 6th Latin America a subsidiary of the integrated energy company FID will ultimately be subject to the outcome
This is MODEC’s first project for Eni Mexico, the Echo Field Development. The timetable to
Energy Forum event Eni. MODEC was appointed by Eni Mexico for of the farm-down process for Galeota, which
the supply, charter and operations of the FPSO encompasses the current Trintes production,
Last Thursday, March 3, the Houston Energy in the Eni-operated Offshore Area 1 block in the the matured Echo Field Development and the
Club held the 6th Latin America Energy Forum, Bay of Campeche in 2018. The charter contract Foxtrot and Golf appraisal areas.
featuring speeches by Aldo Flores Quiroga, will run for an initial 15 years, with options for Jeremy Bridglalsingh, CEO, commented:
former Secretary General of the International extension every year thereafter up to five addi- “Acquiring the CEC for the Echo Field Develop-
Energy Forum, and several CEOs from the tional years. ment is a notable step on the path to FID, and
United States and Latin America. The speakers Moored in a water depth of approximately we are appreciative of the support from key con-
discussed the energy outlook in Latin America 32 metres some 10 km off Mexico’s coast, the tractors as well as the constructive dialogue and
for 2022, with a focus on developing infrastruc- FPSO is capable of handling 90,000 barrels per thorough manner in which the EMA guided the
ture projects in the region. day (bpd) of oil, 75mn cubic feet of gas per day CEC process.
Dr. Francesco Stipo, President of the Houston and 120,000 bpd of water injection with a storage “The Galeota farm-down process continues
Energy Club, declared: “Oil prices may reach capacity of 700,000 barrels of oil. with healthy levels of engagement from inter-
$180 [per barrel], setting a new record, triggered The FPSO boasts a Disconnectable Tower ested parties. Furthermore, the anticipated
by the war in Ukraine and the rebound of energy Yoke Mooring System (DTYMS), a first-of-its- reform of the taxation regime should create a
demand after the COVID 19 pandemic. kind design in the industry. The state-of-the- more attractive environment for Trinity and
The previous record of $179.90 was set on art DTYMS was developed to moor the FPSO potential partners to deploy investment capital
June 8, 2008. in shallow water, whilst also allowing the unit into GAD and similar projects.”
Dr. Stipo declared that high oil prices will to disconnect its mooring and depart the area Trinity Exploration & Production, March 9 2022

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