Page 11 - LatAmOil Week 41 2022

LatAmOil BRAZIL LatAmOil

Brazil’s gas re-injection volumes

climb to record high in August

BRAZIL saw the volume of natural and associ- August 2021 figure of around 136.5 mcm per
ated gas re-injected into crude oil reservoirs rise day.
to a record-high level of 69.6mn cubic metres Meanwhile, the volume of gas available for
per day in August of this year, according to sale on Brazil’s domestic market came to 53.3
preliminary data from the National Agency of mcm per day in the month of August. This was
Petroleum, Natural Gas and Biofuels (ANP) 2.5% above the July 2022 figure of about 52 mcm
cited by Argus Media. per day, but down by 3.7% from the August 2021
This represents an increase of 4.7% on the figure of around 55.3 mcm per day.
July 2022 level of about 66.5 mcm per day and an The ANP data also showed that Brazil flared
increase of 7.9% on the August 2021 level of 64.5 a total of 3.3 mcm per day of gas in August.
mcm per day, ANP data show. It is also 1.75% up This was down by 19% on the July 2022 figure
on the previous record high of 68.4 mcm per day of nearly 4.1 mcm per day and by 6.2% on the
recorded in January 2022. August 2021 figure of approximately 3.5 mcm
According to Argus Media, ANP attributed per day. ™
the rise in re-injection levels to the drop in Bra-
zil’s domestic gas demand. The country’s gas
consumption has shrunk considerably since
August 2021, when the hydroelectric power
plants (HPPs) that usually provide a majority of
its electricity were unable to function at normal
levels because of a severe drought. Now that the
HPPs are once again operating normally, Bra-
zil needs less gas for its thermal power plants
(TPPs) and gas can once again be re-injected
into oilfields to maintain reservoir pressure and
optimise production rates.
Accordingly, the increase in re-injection
rates was accompanied by a rise in output in
August. The preliminary ANP data showed that
Brazil extracted some 139.9 mcm per day in
that month, up by 3.2% on the July 2022 figure
of about 135.6 mcm per day and by 2.5% on the The red lines show pipelines that handle gas at pre-salt fields (Image: Petrobras)

Yinson secures $720mn syndicated

loan deal for FPSO Maria Quitéria

YINSON (Malaysia) has finalised a syndicated (Singapore); Natixis Corporate & Investment
loan deal worth $720mn for the construction of Banking; Maybank Group; and ING Bank NV,
the Maria Quitéria, a floating production, stor- Singapore Branch. Additionally, it noted that
age and off-loading (FPSO) that Brazil’s national Hongkong and Shanghai Banking Corp. and
oil company (NOC) Petrobras will install at the JP Morgan were participating as mandated lead
Jubarte field in the Campos basin. arrangers.
The company explained in a statement that it Yinson will use the proceeds of the limited
had entered into a syndicated loan facility with recourse loan, which has a repayment term of
more than half a dozen international banks. It six years, to cover ongoing costs incurred in the
named the loan facility’s mandated lead arrang- construction of the FPSO Maria Quitéria. The
ers, underwriters and bookrunners as United Malaysian firm won the contract to build the
Overseas Bank; Standard Chartered Bank vessel from Petrobras in November 2021.

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