Page 10 - LatAmOil Week 33 2019

LatAmOil
NEWS IN BRIEF
LatAmOil
UPSTREAM
BW Offshore approved by ANP as operator in Brazil
BW Offshore (BWO) is pleased to announce that the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) has granted it the status of operator in Brazil and has approved the transfer of Chevron and Petrobras’ partici- pating interest in the Maromba eld to BWO.
“We are proud to announce that our sub- sidiary BW Energy has been approved by ANP as operator and has received governmental go-ahead to acquire the Maromba licence. is again proves the viability of the BWO business model for BW Energy and our continued success in developing proven reserves in the current oil priceenvironment,”saidMarcoBeenen,CEOof BWO.
e closing of the transaction with Chevron and Petrobras is subject to certain condition precedents. is approval as operator satis es the main condition precedent for the closing of the Maromba eld acquisition and will trigger the rst milestone payment of $30mn to Chev- ron and Petrobras.
e total acquisition price for the Maromba eld is $115mn, which will be paid over three milestones as the development progresses towards rst oil. e second milestone is due at start of drilling activities and the third milestone is due at rst oil or three years a er the start of drilling activities, whichever comes rst.
“Maromba represents further proof of our upstream business model. Our Dussafu devel- opment is progressing according to our plans and is showing very good production of more than 12.000 barrels per day and no water. Our e ort will now be directed to shortly present a plan for development to the Brazilian authorities and start the development of this very attractive licence. Maromba is expected to signi cantly increase our production from 2022 onwards and is a very important element in our growth strategy,” said Carl K. Arnet, CEO of BW Energy.
e Maromba eld is located o the Brazil- ian coast in the Campos Basin in 160-metre- deep water, where BWO has extensive operating experience.
BW Offshore, August 17 2019
SERVICES
Movement Industries
announces letters of intent
to acquire two Mexican
companies
Movement Industries announced today that the company has engaged an outside business appraiser to verify the assets of two Mexican companies that have signed letters of intent (LoIs) to join the Movement Industries team. e companies being appraised are: Servicios Integrales Tamabra and Integracion de Sistemas de Actuacion.
Linh Nguyen, Movement Industries’ CEO, stated: “Both of these companies bring strong leadership teams with great vision that will enhance our ability to deploy new technologies that empower industries to move the world. eir seamless operations and commitment to superior quality and customer service are evi- dent by their ISO 9001 certi cations. Intesista’s actuators are a perfect complement to our exist- ing valve product lines, and Tamabra will give us a nice foothold in the wellhead services space where we have huge plans for future growth.”
e two companies had over $8mn combined revenues in 2018 and are projecting 25-50% combined growth rates for 2019. Since all their revenues are currently generated in Mexico, we see huge upside potential, as we expand their markets internationally and introduce their products and services to a global audience. Assuming both transactions are consummated, Movement Industries will be two steps closer to ful lling its plan to acquire companies with $100mn in current revenues that each have the potential to at least double in size over the next ve years.
Tamabra, based in Poza Rica, Mexico, and with o ces in Houston, Texas, o ers arti cial li , wellhead monitoring and intervention, and 24/7 on-site security presence. It also o ers site design and construction services and transport to and from the production site. Most of Tama- bra’s service agreements are long-term contracts that generate revenues based on the amount of production at each site. Tamabra’s integral management and quality systems are certi ed ISO 9001:2015, ISO 14001:2015 and OSHAS 18001:2007.
Intesista, headquartered in Mexico City with four remote locations, o ers solutions for the design, manufacture and installation of valve actuators, automatic valves, pipeline automation, and integral automation solutions. For 17 years, Intesista has maintained the highest technical, legal and management standards for its clients. Intesista remains committed to environmental protection, pollution prevention and person- nel safety through continuous improvement of its quality, environmental, health and safety management practices. Intesista is certi ed ISO 9001:2015.
Movement Industries, formally Visual Healthcare Corp., invests in emerging growth companies in energy, oil & gas, renewables and industrial manufacturing sectors. Movement’s executive management team brings over 50 years of experience in the global energy market. e company’s growth strategy includes deep- ening products and services o ered to existing customers as well as acquiring complementary business units.
Movement Industries, August 20 2019
Solstad Offshore wins new contract in Brazil
Solstad Offshore has entered into a contract with Total E&P do Brasil (Total) for charter of a PSV for 13 months rm. Total has the option to extend the charter by two additional six-month periods.
e start date of the contract is in August 2019, and the AHTS Far Sagaris will be the lead-in vessel until a PSV from the Solstad eet take sover later this year. e vessels shall sup- port Total’s activities at the Lapa eld.
e Lapa consortium is operated by Total, with a 35% interest, in partnership with Shell (30%), Repsol Sinopec Brasil (25%) and Petro- bras (10%).
In addition, Equinor Brazil has extended the Contracts for the PSV’s Far Scotsman and Nor- mand Serenade with 3 months each. Both ves- sels are now rm until November 2019 and shall continue to support Equinor Brazil’s portfolio activities.
Solstad, August 14 2019
COMPANIES
Petrobras announces start
of binding phase for the
sale of Breitener Energetica
Petrobras, following up on the press release dated June 25, 2019, announces the beginning of
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Week 33 21•August•2019