Page 15 - LatAmOil Week 39 2022

LatAmOil NEWS IN BRIEF LatAmOil

We wish to thank the Minister of Finance, Colm wide range of maintenance and asset-integrity and the state-owned refining segment in India
Imbert for collaborative engagement with the related projects. In many cases the operators and to leverage opportunities with other refiners
Energy Chamber toward making these changes. provided details of potential projects that are in that country.
The reductions in the Supplemental Petro- awaiting investment decisions, which in turn Potential Indian market: India is the third
leum Tax (SPT) rates for new wells in marine are reliant upon changes to the fiscal regime or largest oil importer in the world, purchasing
fields and the extension and expansion of the commercial agreements being in place. Opera- approximately 5mn barrels per day (bpd), sur-
changes introduced in 2020 for small onshore tors emphasized that potential supply chain dis- passed only by China and the United States.
producers are welcomed and will help the eco- ruptions and long lead times for delivery meant Regarding seaborne imports, India is the second
nomics of new investments in oil projects. The that forward planning was even more critical largest importer, coming only after China.
Energy Chamber has advocated changes in SPT than in the past. The IOC has an estimated production of
for over a decade and this change represents the The upstream operator companies which 1.34mn bpd and also controls 11 refineries in the
first major adjustment for offshore oil producers. presented were BP Trinidad and Tobago (bpTT), country and accounts for 26% of the total Indian
The changes will also help create greater investor EOG Resources, Heritage Petroleum, Shell Trin- refining capacity.
interest in the on-going onshore bid round. idad and Tobago, Trinity Exploration & Produc- Exports: The priority destination for the
The Energy Chamber welcomes the com- tion, Touchstone Exploration and Woodside oil produced by Petrobras is its own refineries,
mitment from the Minister of Finance to meet Energy. while the surplus is exported. In the first half
with the oil and gas industry over the next three Energy Chamber of Trinidad and Tobago, of this year, the company exported an average
months to review further potential reforms to September 23 2022 of 537,000 bpd of oil. In this sense, Petrobras
the fiscal regime. There are also details of the is always seeking the best opportunities in the
announced proposals that will be important international market in order to secure the best
to clarify, and get right, if we are to meet the PROJECTS & COMPANIES placement for its oil.
objective of encouraging investment in new oil Petrobras, September 26 2022
production. Petrobras signs crude oil
Energy Chamber of Trinidad and Tobago, BPCL signs MoU
September 26 2022 supply agreement with
Energy Chamber of Trinidad Indian state companies with Petrobras
In a landmark development to diversify crude oil
& Tobago hosts another In an event held this Friday (September 23), in sourcing for the energy security of the country,
Brasília, Petrobras’ CEO, Caio Paes de Andrade, particularly in the context of current geopolitical
successful Upstream received the Deputy Minister of Oil and Gas of situations, BPCL signed an MoU with Petrobras,
India, Pankaj Jain, and government representa-
the national oil company of Brazil, yesterday.
Operators Forum tives and of Indian companies to discuss oppor- The signing of the MoU will strengthen
tunities and strategic partnerships in the oil and future crude oil trade relationships between
Contractor and service company members gas market. On the occasion, Petrobras and the two companies and explore potential crude
of the Energy Chamber of Trinidad & Tobago Indian Oil Corp. (IOC), the largest state-owned import opportunities by BPCL, on a long-term
received detailed information about future plans Indian oil and gas company, signed a “Frame basis.
and opportunities to do business with the major Agreement” oil supply contract. The MoU was signed in Brasilia by Arun
upstream operating companies in Trinidad and This model includes the option of supplying Kumar Singh, C&MD BPCL, and Caio Paes de
Tobago at a virtual session on September 22, up to 12mn barrels of oil from Petrobras to the Andrade, CEO Petrobras, in presence of Pankaj
2022. The operator companies provided mem- IOC. The agreement lasts for six months and can Jain, Secretary, MoPNG, Indian Ambassador to
bers with details of possible future scopes of be renewed for another year. Brazil, and other officials from MoPNG.
work and the sort of services and equipment that At the same meeting, Petrobras also signed Through its fully-owned subsidiary, Bharat
they would need to procure. a memorandum of understanding with Bharat PetroResource Ltd, BPCL has a stake in the
The annual Upstream Operators Forum is Petroleum Corp. Ltd (BPCL), another impor- upstream sector in an ultra-deepwater hydro-
one of the key activities that the Energy Cham- tant Indian refiner, to promote negotiations and carbon block in Brazil, owned and operated by
ber organizes to help maximize local content, by establish guidelines for cooperation for the sup- Petrobras. The field development plan and final
ensuring that all members have detailed infor- ply of crude oil in the future. investment decision are expected to be declared
mation about upcoming opportunities. The These agreements represent important steps soon.
Forum also provides service companies and con- to strengthen the commerce between Petrobras BPCL, September 25 2022
tractor members with the opportunity to speak
directly with the procurement teams from the
major companies to find out details about how
to register for tenders and to discuss any issues
that they might be facing.
The 2022 Upstream Operators Forum gave
details of a wide range of different potential
future activities, including new exploration and
development drilling, installation of new sub-
sea infrastructure, new pipelines (both on and
offshore), new production facilities, projects to
increase efficiency and reduce emissions and a

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