Page 14 - LatAmOil Week 27 2021

LatAmOil NEWS IN BRIEF LatAmOil

UPSTREAM Since then, drilling continued to a final depth following the global commodities upward trend;
of 4,567 feet (1,392 metres), just slightly beyond and the Real appreciated about 4% in relation to
Challenger Energy provides the pre-drill target depth of 4,557 feet (1,389 the Dollar, as a result, the adjustment will be 7%
metres), and the well has now been fully cased in BRL per cubic metre.
Saffron-2 drilling update and cemented. Petrobras clarifies that the final price of nat-
Initial interpretation of the hole section ural gas to the consumer is determined not only
AIM-listed Challenger Energy, the Caribbean below 3,955 feet (1,205 metres) suggests simi- by the company’s sales price, but also by distrib-
and Atlantic margin focused oil and gas com- lar hydrocarbon bearing sand intervals in the utor margins (and, in the case of NGV, by resale
pany, with production, appraisal, development lower Middle Cruse and Lower Cruse units to stations) and by federal and state taxes. In addi-
and exploration assets across the region, has those encountered in Saffron-1, based upon the tion, the tariff approval process is carried out by
provided an update on progress of the Saffron-2 correlation of gas peaks from Saffron -2 to those the state regulatory agencies, according to spe-
appraisal well as part of the Saffron Project in the sand intervals already identified in Saffron-1. A cific legislation and regulations.
South-West Peninsula of Trinidad. suite of logs will now be run over each of these The sales contracts for the distributors are
Eytan Uliel, CEO, commented: “I am pleased deeper reservoir sections of interest, anticipated public and are available at the National Petro-
to advise that the drilling phase of Saffron-2 to take approximately five to seven days; a fur- leum, Natural Gas and Biofuels Agency (ANP)
has been successfully completed at a depth of ther announcement will be made at that time. website for consultation.
4,567 feet [1,392 metres], and the well has been These deeper reservoir sections and associ- Petrobras, July 6 2021
fully cased and cemented. We thus have a well ated production potential is in addition to the
to planned target depth intersecting all Upper, more than 200 feet (61 metres) of pay previously
Middle and Lower Cruse reservoir units of inter- identified in Upper Cruse and upper Middle SERVICES
est, safely behind pipe and capable of being pro- Cruse units.
gressed to production. That is the core objective The well is being readied for production Petrobras comments on
from the Saffron-2 well: to gain an understand- testing, which is expected to commence on or
ing of production potential, which in turn will around July23. Further updates will be provided seismic acquisition for
guide how we plan, execute and fund a broader as appropriate.
development of the Saffron field. Logging will Challenger Energy, July 5 2021 Parque das Baleias
now be conducted to define the specific sands
and oil zones in the recently drilled sections of Petrobras informs that in the first half of July
the well, and we will provide a further update DOWNSTREAM it will begin the first seismic acquisition with
once this is completed. In parallel, the well is Ocean Bottom Nodes (OBN) technology and
being readied for production, which we expect Petrobras notes adjustments new multiphysics surveys (magnetometric and
will commence around July 23.” gravimetric) of the 3D Nodes project of Parque
The drilling phase of the Saffron-2 well has in natural gas contract das Baleias, also known as the Whale Park, in
been successful to a depth of 4,567 feet (1,392 Campos Basin.
metres). prices for distributors The contract signed with the company Shear-
The well, in the South-West Peninsula of Water Geoservices do Brasil includes seismic
Trinidad is a twin of the Saffron-1 well, and has Petrobras informs that, in accordance with the acquisition with an OBN area of 810 square,
encountered similar Upper, Middle and Lower contracts in effect, it will adjust, as of August 1, totaling investments of about $50mn. The objec-
Cruse reservoirs to Saffron-1, with an expecta- 2021, the natural gas sale prices for distributors. tives are to improve 3-D imaging and to obtain
tion (based upon the Saffron-1 discovery well) The variation results from the application future 4-D monitoring of the Parque das Baleias
of production rates in the range of 200-300 bpd. of the supply contract formulas, which link the fields.
Challenger Energy has a 100% operating interest price to the oil price and the exchange rate. The The new seismic records will use OBN tech-
in the well and the broader Saffron project. contract prices are updated quarterly. For the nology, which allows better collection of infor-
As previously advised (on June 24, 2021) the months of August, September and October, the mation of the fields from sensors deposited on
well had reached a total depth of 4,118 feet (1,255 reference are the quotations of April, May and the ocean floor. This technological solution is a
metres), with the drilled horizons to that depth June. reference for monitoring pre-salt and post-salt
secured behind casing for production testing. During this period, oil prices rose 13%, reservoirs, particularly in areas where there are
offshore platforms in operation that make acqui-
sition with conventional seismic vessels (seismic
streamer) impossible.
The new 3D seismic data obtained with OBN
will optimise the characterisation of reservoirs
and their boundaries, allowing better manage-
ment of the fields. In addition, the OBN tech-
nique is better suited for 4-D seismic, when 3-D
geophysical data surveys at different times are
analyzed and allow to follow the displacement
of fluids and subtle variations in reservoir rock
properties. With this, it is possible to map rock-
fluid interaction effects and the geomechanical
behavior of the reservoirs, which is essential for
extending the life of the fields.

P14 www. NEWSBASE .com Week 27 08•July•2021