Page 16 - LatAmOil Week 35 2021

LatAmOil NEWS IN BRIEF LatAmOil

Achieved record netback and net operating from the water disposal well drilling delays. The About TotalEnergies: TotalEnergies (for-
income in Q2-2021 of $36.88 per barrel and 2021 average production range is now guided merly Total) is a global integrated energy
$29.7mn, respectively; Operating and direct at 10,000-11,000 bpd (from 11,000-12,000 producer and supplier, one of the leading inter-
transportation costs in Q2-2021 were $10.8mn bpd). Exit December 2021 production has been national companies in the oil and natural gas
($13.45 per barrel) as compared to $10.6mn slightly revised down to 17,000-18,000 bpd industry and an important low carbon energy
($13.78 per barrel) in Q1-2021; Generated free (from 18,000-19,000 bpd), as the impact of the player. In 2016, Petrobras and TotalEnergies
cash flow(1), before leverage and working cap- BN-10H well won’t be incorporated until early began a strategic partnership involving the
ital adjustments, in Q2-2021 of $2.4mn and in next year. assignment of stakes in exploration and produc-
H1-2021 of $11.5mn, a record for the Company; Updated 2021 EBITDA guidance is between tion assets, technological cooperation agree-
Strong liquidity position, building total cash $140-145mn for 2021, up materially from the ments and other initiatives.
quarter over quarter to over $79.5mn as at June original 2021 $90mn budget. Petrobras, September 1 2021
30, 2021 up 5% from March 31, 2021. $25.4mn Successfully drilled BN-8H subsequent to the
of total cash is restricted; Net income of $11.4mn quarter end which is now being completed, and Petrobras negotiating
for the quarter, demonstrating an efficient oper- expected to be on time and under budget.
ating cost structure, attractive capital base, and Demonstrated importance of an expanded oil sale of Potiguar Cluster
supportive fiscal terms. marketing strategy with two scheduled Brazilian
All Q2-2021 bond covenants met with cargos contracted subsequent to the quarter end; to 3R Petroleum
substantial headroom. The Company exited Enhanced the Company’s long-term sustainabil-
Q2-2021 with a 0.41x leverage ratio which ity vision by establishing distinct objectives and Petrobras has announced that it has started
included $40.6mn of net debt calculated per the performance measurements. the negotiation phase for the divestment of
bond indenture. Continued to de-risk commod- Advanced government and community rela- the Potiguar Cluster with 3R Petroleum. The
ity price exposure that brings the total corporate tions, ratifying the process of social profit share Potiguar Cluster includes a set of 26 concessions
hedge percentage to 44% for the remaining four in nearby communities around PetroTal’s oil of onshore and shallow water production fields,
months of 2021 forecast production, protecting operations. including the Clara Camarão refinery, in the
prices of $60 per barrel Brent. PetroTal, August 26 2021 state of Rio Grande do Norte.
Necessary modifications to the water dis- The Company received binding offers from
posal system are ongoing. The field can now potential interested parties in the acquisition of
actively dispose of approximately 80,000 bpd of INVESTMENT the assets and 3R Petroleum was the company
water and 100,000 bpd of water when the modi- that submitted the best proposal, worth more
fications are completed in September; Achieved Petrobras concludes the than $1bn.
payback on well 7D, approximately 2.5 months The company clarifies that the signing of the
post completion. transfer of rights of its transaction will depend on the outcome of the
Current constrained production is 8,513 negotiations, as well as the necessary corporate
bpd (last seven-day average to August 20, 2021). stake in the Lapa field approvals.
Unrestrained production is expected to be Petrobras reinforces its commitment to the
restored in September; Revised H2 2021 pro- Petrobras, following up on the release disclosed broad transparency of its divestment projects
duction guidance as a result of a rescheduled on December 21, 2018, informs that it has final- and portfolio management and informs that the
and deferred drilling programme stemming ini- ised the transfer of rights of its 10% interest in the subsequent stages of the project will be disclosed
tially from the COVID-19 protocol’s impact and Lapa field to TotalEnergies. in a timely manner.
The operation, which also involves the assign- About Potiguar Cluster: The Potiguar Cluster
ment of the totality of the interest held by Petro- comprises three sub-clusters (Canto do Amaro,
bras Netherlands BV (PNBV) in Lapa Oil & Gas Alto do Rodrigues and Ubarana), totaling 26
BV, a company incorporated in the Netherlands, production concessions, 23 onshore and three
was concluded with the payment of $49.4mn to offshore, located in Rio Grande do Norte, and
Petrobras, already with the adjustments foreseen includes access to oil and natural gas process-
in the contract. ing, refining, logistics, storage, transportation
This transaction represents another step in and offloading infrastructure. The Ubarana
the strategic partnership between Petrobras and sub-cluster concessions are located in shallow
TotalEnergies and is aligned with the strategy of waters, between 10 and 22 km off the coast of
portfolio optimisation and the improvement of the city of Guamaré-RN. The other concessions
the Petrobras’ capital allocation, aiming at value of the sub-clusters Canto do Amaro and Alto do
maximisation. Rodrigues are onshore.
About Lapa field: The Lapa field (BM-S-9A The average production of the Potiguar Clus-
block) is located in the Santos Basin pre-salt. ter from January to August 2020 was approxi-
Its average production in H1-2021 was 50,700 mately 23,200 barrels per day (bpd) of oil and
boepd, of which 5,070 boepd is Petrobras’ share. 108,000 cubic metres per day of natural gas.
With the closing of this transaction, Petrobras In addition to the concessions and its pro-
will have no more stakes in Lapa, while TotalEn- duction facilities, the Clara Camarão Refin-
ergies, which is already the field operator, will ery (RPCC), located in Guamaré/RN, with
hold 45%. The other partners in the field are an installed refining capacity of 39,600 bpd, is
Shell Brasil Petróleo (30%) and Repsol Sinopec included in the transaction.
Brasil (25%). Petrobras, August 27 2021

P16 www. NEWSBASE .com Week 35 02•September•2021