Page 11 - LatAmOil Week 49 2022

LatAmOil GUYANA LatAmOil

CGX and Frontera said in late November that
they had reached an agreement with the gov-
ernment of Guyana on pushing the deadline
for spudding Wei-1 back to January 31, 2023.
They also reported that they had wrapped up
all preparations in advance of beginning work
at the drilling site, which is about 14 km north-
west of Kawa-1 in 583-metre-deep water.
The joint venture partners plan to use the
NobleCorp Discoverer, a semi-submersible
mobile drilling unit, to sink Wei-1 to an antic-
ipated total depth (TD) of 6,248 metres. This
will allow them to assess the potential of stacked
channels in the Maastrichtian, Campanian and
Santonian intervals within a western channel
complex that lies in the Corentyne block’s north-
ern section.

Preventing future delays
Cabrales spoke publicly about the joint venture’s
plans for Wei-1 shortly after Guyana’s Vice Pres-
ident Bharrat Jagdeo said that the country’s new
production-sharing agreement (PSA) model
would include measures to prevent investors in
future projects from falling behind schedule as Wei-1 will be drilled about 14 km north-west of the Kawa-1 well (Image: CGX Energy)
CGX and Frontera had done at Corentyne.
The government is keen to avoid unneces- accept bids for three ultra-deepwater blocks
sary delays, since operators that wait for three from the offshore zone known as Area C, as well
years to move forward with work at their licence as 11 shallow-water blocks. It will award 10-year
areas cause Guyana to lose out on three years’ deals for the deepwater sites and five-year deals
worth of potential development, he remarked. for the shallow-water sites.
As such, the new PSA model is being applied to Licenceholders will be expected to relinquish
the 14 blocks included in the country’s upcom- 50% of their acreage to the state at the end of
ing bidding round, Jagdeo said. their exploration periods unless they apply for
According to previous reports, Guyana will production licences. ™

BRAZIL
Petrobras says CEO will step down soon

CAIO Mário Paes de Andrade, the CEO of Bra-
zil’s national oil company (NOC) Petrobras, will
step down from his position to take another job
in the near future.
Petrobras revealed Paes de Andrade’s plans in
a statement dated December 6. It explained that
the CEO had accepted an invitation to join the
staff of Tarcísio de Freitas, the governor-elect of
São Paulo State.
Taking this job means he will not remain at
his post at Petrobras when Luiz Inacio Lula da
Silva, who won the Brazilian presidential race in
a run-off election on October 30, takes office on
January 1, 2023. Caio Mário Paes de Andrade (Photo: Gov.br)
“In the coming weeks, CEO Caio will con-
tinue in his current role and will not participate that the CEO is currently undergoing treatment
in the transition in São Paulo,” the statement for cancer.
said. It also stressed that Paes de Andrade would Reuters reported earlier this week that mem-
help manage the change in leadership during his bers of Lula’s transition team had met with a
last weeks in the position. group of Petrobras’ top managers to discuss the
The statement did not comment on reports NOC’s operations.

Week 49 07•December•2022 www. NEWSBASE .com P11