Page 15 - LatAmOil Week 18 2021

LatAmOil NEWS IN BRIEF LatAmOil

The modules have extensive field deployment
history with a mean time between failures of
more than 150 years, which is 10 times better
than the industry average as measured by the
Offshore and Onshore Reliability Data (Oreada).
“This order is an important example of how
Subsea Connect is bringing structured tech-
nology to improve execution certainty,” said
Neil Saunders, executive vice president of Oil-
field Equipment at Baker Hughes. “We are able
to deliver world-class subsea solutions with a
breadth of expertise and skills to bring flexibil-
ity, scalability and versatility to complex projects.
We are proud to partner with Petrobras on the
revitalisation of Marlim and Voador and offer
our latest subsea technologies for Brazil.” can better address the complexities of the area. reduction with extended maturities and lower
“This contract is a culmination of our mul- The integrated project team also includes geol- cost of debt.
ti-year engagement with Petrobras and builds ogists who are providing expertise for salt sce- Self-Funded, Expanded 2021 Work Pro-
on our history supplying subsea production sys- nario testing and detailed interpretation. gramme: Full-year 2021 work programme of
tems to deepwater projects in Brazil,” said Adyr Fast-track products are now available and $130-150mn, targeting 41,000-43,0001 boepd
Tourinho, vice president of Brazil and Oilfield final migrations, including a TTI Kirchhoff and average production and operating netbacks
Equipment for Latin America at Baker Hughes. 45Hz RTM, are underway. The final migrations of $330-370mn assuming Brent at $50-55 per
“Our lightweight, compact technology is engi- are being processed in two phases. Phase I will barrel. Flexible to quickly adapt to any oil price
neered to combat the most demanding condi- be available in May, providing approximately scenario.
tions found in today’s deepwater environments.” 2,373 square km of data directly over the Agata Shareholder Value Returns: Quarterly Divi-
Baker Hughes, May 03 2021 block in preparation for Round 7. Phase II will dend of $0.0205 per share ($1.25mn), paid on
incorporate the remaining 7,007 square km of April 13, 2021. Quarterly Dividend of $0.0205
CGG delivers data from the project area with final migrations for the full per share ($1.25mn), to be paid on May 28,
2021. Resumed discretionary share buyback
programme expected in August 2021.
Agata Reimaging to support CGG, April 28 2021 programme, having acquired 119,289 shares for
$1.2mn since November 6, 2020, while execut-
Brazil’s 7th Bidding Round PERFORMANCE ing self-funded and flexible work programmes,
and paying down debt.
CGG has announced the delivery of the fast- GeoPark, May 05 2021
track data from its Agata Reimaging programme GeoPark reports
over the Agata block in the Santos Basin, a highly Ecopetrol announces
prolific area of Brazil’s offshore pre-salt. The consolidated financial
ultra-modern reimaged seismic data set cover- Q1-2021 results
ing over 9,300 square km will provide valuable results for Q1-2021
information to oil and gas companies wishing to Ecopetrol announced today the Ecopetrol
evaluate acreage and assess the potential of the GeoPark, a leading independent Latin Ameri- Group’s financial results for the first quarter of
Agata block, prior to Brazil’s upcoming 7th Pro- can oil and gas explorer, operator and consoli- 2021, prepared in accordance with the Interna-
duction-Sharing Bidding Round. dator with operations and growth platforms in tional Financial Reporting Standards applicable
The Agata prospect is composed of ultra- Colombia, Ecuador, Chile, Brazil and Argentina to Colombia.
deep pre-salt targets located below a highly reports its consolidated financial results for the In words of Felipe Bayón Pardo, CEO of
deformed salt layer. Imaging in this area is par- three-month period. Ecopetrol: “Ecopetrol’s operating and financial
ticularly challenging due to the complexity of Q1-2021 Highlights: Strong Free Cash Flow results for the first quarter of the year reflect our
the salt geometry combined with an entangled from Profitable Low-Breakeven Production. ability to react to the COVID-19 crisis and over-
network of igneous rocks in the post-salt asso- Consolidated oil and gas production of 38,131 come it in an effective manner. We have shown
ciated with the Cabo Frio High volcanic activity. boepd. Revenue of $146.6mn. Operating Profit resilience and competitiveness in an environ-
CGG’s Agata Reimaging programme is designed of $15.9mn, Net Loss of $10.3mn. Operat- ment where, despite the signs of recovery, there
to improve the base of salt continuity, lateral ing Netback of $79.4mn, Adjusted EBITDA are still potential risks that require ongoing
coherence and overall resolution to deliver supe- of $66.5mn (both including protective cash monitoring.
rior images that minimise risk and provide a bet- hedge losses of $20.6mn). Capital expenditures “We have achieved solid results during
ter understanding of the exploratory potential in of $20.3mn. Every $1 invested yielded $3.9 in Q1-2021. We even surpassed pre-COVID lev-
this new frontier area. Operating Netback. els in several indicators. We continued to take
The Agata programme reimages CGG’s Successful Debt Reduction: $187.6mn of cash important steps on our diversification, decar-
legacy Santos VII broadband multi-client data & cash equivalents as of March 31, 2021. $75mn bonisation and climate change mitigation agen-
set with the very latest proprietary processing oil prepayment facility, with $50mn committed das – the aforementioned without losing focus
technologies. These include inter-bed multiple and no amounts drawn. $106.2mn in uncom- on our strategy as an integrated O&G company.
attenuation and Time-Lag FWI, that were not mitted credit lines. Strategic deleveraging exe- These pillars are key to surpass the challenges
available at the time of the legacy imaging and cuted in April 2021 resulted in significant debt that energy transition implies.

Week 18 06•May•2021 www. NEWSBASE .com P15