Page 16 - LatAmOil Week 16 2021

LatAmOil NEWS IN BRIEF LatAmOil

Keppel comments on report

of Brazilian FPSO talks

Keppel Corp. refers to the article released on
Upstream Daily News titled “$4.6bn deals near:
Petrobras seals price cuts from two Asian yards
for Buzios floater pair.”
The Company wishes to confirm that its
wholly-owned subsidiary, Keppel Shipyard, is in
advanced discussions with Petrobras in respect
of a contract to build a floating production stor-
age and offloading vessel for the Buzios field
offshore Brazil, but no definitive agreements
have been entered into as at the date of this preliminary review has already provided a new Chile and Argentina, as part of the Company’s
announcement. perspective of the basin, revealing additional risk-managed response to preserve shareholder
The Company will make the relevant potential and deepening our understanding of value and to minimise contractor and employee
announcement in accordance with the SGX-ST the petroleum system. We are already seeing an activity in the fields due to the lower oil price
Listing Manual at the appropriate time. expanded opportunity set which can be matured environment and pandemic-related contin-
Keppel Corp., April 16 2021 for drilling within our onshore operations, and gencies. Oil represented 86% and 87% of total
believe the potential benefits could be transfor- reported production in Q1-2021 and Q1-2020,
mational for Trinity. respectively.
PERFORMANCE Looking to the future, we continue to work Colombia: Average net oil and gas produc-
in the Jubilee data room on the offshore West tion in Colombia decreased to 31,455 boepd in
Trinity Exploration issues Coast opportunity and we have recently learnt Q1-2021 compared to 38,723 boepd in Q1-2020,
that we have also been short listed for the North reflecting limited or temporarily suspended
Q1-2021 operational update West District (NWD) onshore exploration bid drilling and maintenance activities during 2020
round from Heritage, the state oil company. We in the Llanos 34 and Platanillo blocks, partially
AIM-listed Trinity Exploration & Production, are continuing to jointly evaluate both of these offset by increased production in the CPO-5
the independent E&P company focused on Trin- opportunities alongside Cairn Energy plc. block.
idad and Tobago, has provided an update on its Our Echo platform development off the Chile: Average net production in Chile
operations for the three-month period ended east coast (formerly TGAL) also progresses, decreased by 20% to 2,491 boepd in Q1-2021
March 31, 2021. with the Field Development Plan (FDP) near- compared to 3,121 boepd in Q1-2020, result-
Production levels were resilient over the ing completion for submission to the Ministry ing from lower gas production in the Jauke and
period, with volumes averaging 3,107 bpd (Q4- of Energy and Energy Industries in the coming Jauke Oeste gas fields and limited or temporar-
2020: 3,202 bpd). This is a result of Trinity’s weeks. Work has recently started on the onshore ily suspended maintenance activities during
pro-active approach to protecting base produc- tank farm engineering upgrades and the pipeline 2020. Maintenance and well intervention activ-
tion and places Trinity as a clear leader in the shore crossing engineering, both using interna- ities were carried out in the Jauke 1 well during
region. tional contractors. Q1-2021 affecting gas production in the field in
As a result of the continued strong operating In addition, we continue to actively pursue Q1-2021. Maintenance and well intervention
performance, the Group’s unaudited cash bal- micro-LNG and renewables projects with NGC activities are currently being performed in the
ances remained robust at $20.0mn as at March (National Gas Co. of Trinidad and Tobago) to Jauke Oeste gas well. The production mix during
31, 2021 ($20.2mn, unaudited, as at Decem- contribute towards energy transition in Trini- Q1-2021 was 87% gas and 13% light oil (com-
ber 31, 2020), despite increased investment in dad and, potentially, in the wider Caribbean and pared to 80% gas and 20% light oil in Q1-2020).
growth initiatives occurring in Q1-2021. Latin America. Brazil: Average net production in Brazil
The Company’s priority over the quarter, Trinity Exploration, April 19 2021 increased by 54% to 1,984 boepd in Q1-2021
from an operational standpoint, has been to compared to 1,290 boepd in Q1-2020 due to
progress the automation and digitalisation of our GeoPark issues operational higher gas demand in northern Brazil. The pro-
core production business. The development of duction mix during Q1-2021 was 99% natural
our proprietary Trinity Operations Management update for Q1-2021 gas and 1% oil and condensate (compared to
System (TOMS), which measures and collates 91% natural gas and 9% oil and condensate in
our critical production data, is key to enabling GeoPark, a leading independent Latin Ameri- Q1-2020).
the Company to further improve our core pro- can oil and gas explorer, operator and consoli- Argentina: Average net production in
duction, operational efficiency and profitability dator with operations and growth platforms in Argentina decreased by 15% to 2,201 boepd in
metrics and will greatly enhance our ability to Colombia, Ecuador, Chile, Brazil, and Argen- Q1-2021 compared to 2,597 boepd in Q1-2020,
expand the business through leveraging that tina, today announced its operational update for mainly resulting from limited or temporarily
competitive advantage. In parallel to the push the three-month period ended March 31, 2021. suspended maintenance activities during 2020,
on automation, our expanded subsurface team Consolidated: Oil and gas production in combined with the natural decline of the fields.
has now begun to interpret the 3D seismic data Q1-2021 decreased by 17% to 38,131 boepd The production mix during Q1-2021 was 59%
set covering our onshore acreage, the first time from 45,731 boepd in Q1-2020, due to limited oil and 41% natural gas (compared to 61% oil
that data interpretation has taken place in such or temporarily suspended drilling and main- and 39% natural gas in Q1-2020).
detail in any of these lease areas. The team’s tenance activities during 2020 in Colombia, GeoPark, April 13 2021

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