Page 10 - LatAmOil Week 31 2022
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LatAmOil                                         GUYANA                                             LatAmOil



                         “Each discovery made in the Stabroek block is
                         extremely positive and helps Eco better target its
                         next drilling campaign,” he said.
                           To date, he noted, Tullow has identified 22
                         prospects at Orinduik. There are 11 leads in the
                         upper Cretaceous horizon, he added. He did not
                         say which of these were likely to be included in
                         the new drilling programme.Green acknowl-
                         edged that the Anglo-Irish company and its
                         partners had yet to find any light crude at the
                         block and had only made tertiary discoveries
                         of heavy crude at the Joe and Jethro sections of
                         Orinduik in 2019. These outcomes were unex-
                         pected and not entirely satisfactory, he said, but
                         exploration work has continued.
                           Additionally, he noted, a new competent   Tullow and its partners have found heavy crude at two sites (Image: Eco Atlantic)
                         person’s report (CPR) issued for the block in
                         March of this year raised the best gross prospec-  Equity in Orinduik is divided 60% to Tullow,
                         tive resource estimate for the licence area from   the operator; 25% to a joint venture between
                         5.1bn barrels of oil equivalent to 8.1bn boe. Eco   Qatar Energy and France’s TotalEnergies; and
                         Atlantic’s net share of the revised total is 681mn   15% to Eco Atlantic. The licence area is about
                         barrels of crude and 544bn cubic feet (15.41bn   170 km from shore and covers an area of around
                         cubic metres) of natural gas, he said.  1,800 square km. ™




                                                        BRAZIL
       Indian government says BPCL can invest




       $1.6bn more in Brazilian deepwater project






                         THE government of India has authorised Bharat
                         Petroleum Corp. Ltd (BPCL) to invest another
                         $1.6bn in BM-SEAL-11, a deepwater Brazilian
                         oil block.
                           India’s Cabinet Committee on Economic
                         Affairs (CCEA) announced the decision on July
                         27, saying that this would help the state-owned
                         company strengthen access to its share of oil
                         production from the block, which is estimated
                         to contain up to 1bn barrels of oil equivalent
                         (boe). It also emphasised the benefits for India of
                         securing Brazilian oil supplies, saying that state-
                         owned BPCL’s upstream operations in the South
                         American country would help improve energy   The BM-SEAL-11 block is in the Sergipe-Alagoas basin (Image: Petrobras)
                         security and diversify the crude import slate.
                           “Indian oil companies have expressed inter-  API but also contains associated gas.
                         est in sourcing more crude oil from Brazil,”   Petrobras had previously announced plans
                         CCEA noted. It did not divulge the details of   to sell its majority stake in the block, along with
                         BPCL’s plans for investment in BM-SEAL-11.  three other deepwater sites in the Sergipe-Ala-
                           The state-owned company is a participant   goas basin – BM-SEAL-4, BM-SEAL-4-A and
                         in the project through its subsidiary Bharat   BM-SEAL-10. In May of this year, however, it
                         PetroResources Ltd (BPRL), which has a 40%   brought the competitive bidding process to a
                         stake in the block. The remaining 60% of equity   close without naming any winners.
                         is owned by Petrobras, Brazil’s national oil com-  The NOC had first offered stakes in the
                         pany (NOC), which also serves as operator.  blocks to investors in 2018 and had reached the
                           BM-SEAL-11 is located in the Sergipe-Ala-  binding phase of the sale prior to cancellation. It
                         goas basin and is not expected to start produc-  explained its decision not to sell by saying that it
                         tion until 2026 or 2027. It holds mostly light   was looking to open up a new deepwater frontier
                         crude oil with a specific gravity of 40 degrees   province in Sergipe-Alagoas. ™



       P10                                      www. NEWSBASE .com                         Week 31   03•August•2022
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