Page 16 - LatAmOil Week 11 2023

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The primary objectives of Neon-2 were to Neon field (assessed in May 2018) are 30mn bar- of the world, and was accomplished using a high-
determine the quality and continuity of the rels, 55mn barrels and 92mn barrels for 1C, 2C speed datalink provided by Petrobras. For future
Palaeocene units and to determine Palaeocene and 3C Contingent Resources, respectively(1) projects, remote ROV piloting may help Petro-
pressure connectivity with the Echidna-1 and (Karoon – 100%). Together with development bras limit the number of crew deployed to the
Neon-1 wells. Preliminary analysis of the log- engineering studies, the updated resource esti- field, resulting in safer operations with a reduced
ging-while-drilling and wireline log data avail- mate will contribute to an evaluation of technical carbon footprint.
able at Neon-2 has confirmed that, as at Neon-1, and commercial feasibility, which could poten- Fugro, 13 March 2023
the Palaeocene sandstone primary target zones tially enable a decision to enter a Neon concept
are present and oil-bearing at this location. select phase. Petrobras, Shell sign MoU
The Palaeocene intervals were found to be Neon-1 and Neon-2 are located within
present over a gross 244 metres MD interval Karoon’s 100% owned S-M-1037 license, on cooperation in upstream,
(172 metres true vertical thickness). The net pay approximately 210 km offshore Brazil in the
thickness in this section is estimated to be 148 southern Santos basin. Neon-1 is in 343 metres decarbonisation, social and
metres MD (105 metres true vertical thickness). water depth and is 2.1 km south of the Echidna-1
Importantly, preliminary wireline log analysis discovery well, while Neon-2 is located 1.3 km environmental initiatives
indicates that the average reservoir quality in NNE of Echidna-1, in 305 metres water depth.
this net pay section is similar to, or better than, Karoon Energy, 14 March 2023 The companies aim to develop new opportu-
that encountered at Echidna-1 and Neon-1. This nities for cooperation, both in terms of the oil
analysis is subject to further studies and calibra- Fugro and Petrobras pioneer and gas industry and on the subject of energy
tion with physical samples. transition
Preliminary analysis of pressure tests through remote subsea inspection Jean Paul Prates, the CEO of Petrobras and
the Palaeocene section suggests that the Neon-2 Wael Sawan, the CEO of Shell, have signed
oil zones lie on similar pressure gradients to the survey in Brazil a Memorandum of Understanding, during
oil at Echidna-1 and Neon-1. Further work is CERAWeek in Houston in order to encourage
required to determine the degree of commu- Fugro and Petrobras have achieved a major discussion and collaboration between the com-
nication between zones, given that Neon-2 milestone in Brazil’s offshore energy sector by panies. Both CEOs agreed the companies will
intersected the reservoir on the western side of successfully completing the country’s first-ever work together on identifying potential upstream
a prominent fault. remote subsea inspection survey. This technol- opportunities, sharing experience and best prac-
Neon-2 also tested deeper Maastrichtian tar- ogy trial was carried out by Fugro in collabora- tices on reducing carbon emissions, social and
gets which, in line with results from Echidna-1 tion with Petrobras under an existing multiyear environmental initiatives. The agreement will
and Neon-1, were found to be poorly developed contract with the aim of minimising risk and last five years.
with no net pay currently identified. improving sustainability during inspection, This non-binding agreement focuses on
The forward plan is to complete the wireline repair and maintenance (IRM) projects. potential exploration opportunities in and
logging programme, then plug and abandon Fugro utilised a remotely operated vehicle beyond the pre-salt, including the Equatorial
Neon-2. Karoon will then release the Noble (ROV) deployed from the Fugro Aquarius to Margin. It also contemplates energy transi-
Developer rig. conduct the survey. Office-based personnel tion efforts, with an emphasis on renewables
Over the next few months, data from both piloted the ROV from an operations centre in and Carbon Capture, Utilisation and Storage
Neon-1 and Neon-2 will be fully analysed, lead- Aberdeen, Scotland, instead of from the vessel (CCUS). On the environmental front, Petrobras
ing to an updated resource estimate for the Neon itself. The approach was informed by Fugro’s and Shell aim to establish projects to preserve
field. The current resources estimated for the remote ROV piloting experience in other parts and restore biodiversity, with the goal of issuing
credits to offset carbon emissions. In addition,
the companies will also look to work together on
social investment projects.
This partnership demonstrates that both
companies appreciate there are strategic syn-
ergies in E&P projects that include decar-
bonisation initiatives, which are important in
transitioning to a low-carbon economy and it
reinforces their intention to seek new opportu-
nities together in Brazil and elsewhere. Commit-
tees with representatives from both companies
will be set up to monitor the progress of the var-
ious studies and discussions.
“Being able to rely on partners, such as Shell,
is vital for Petrobras’s future plans, because part-
ners can add their strength to areas where the
company is looking for profitable diversifica-
tion, such as renewables and hydrogen. We will
be looking to learn from the main players as we
lead Petrobras towards a fair energy transition,”
stressed Jean Paul Prates.
Petrobras, 09 March 2023

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