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Petrobras, Ecopetrol find gas at Uchuva-1

BRAZIL’S national oil company (NOC) Petro- assets. The result achieved increases the pros-
bras and its Colombian counterpart Ecopetrol pects for developing a new frontier of explora-
said on July 29 that they had discovered natural tion and production in Colombia.”
gas in Uchuva-1, an exploration well drilled at The Colombian NOC, in its own separate
Tayrona, a deepwater block in the Caribbean Sea statement, mentioned its own business develop-
offshore Colombia. ment strategy, as well as its offshore ambitions.
According to a Petrobras statement, the part- “This gas discovery is aligned with Ecopetrol’s
ners drilled the Uchuva-1 well at a site about 32 2040 energy transition strategy and increases
km from the shore in 830-metre-deep water. The the prospects for developing a new exploration
well is about 76 km away from the city of Santa and production frontier in the northern Colom-
Marta, the company noted. bian Caribbean,” it said.
Neither Petrobras nor Ecopetrol commented Petrobras is serving as operator of the Tay-
on the size of the gas reserves found at the explo- rona block and owns a 44.4% equity stake in the
ration well. However, the Brazilian NOC said project. Ecopetrol has the remaining 55.6% of
that the discovery had occurred because the equity. ™
partners had taken action to optimise the data
collected from the block using new geological
and geophysical technologies while also build-
ing on their experience in deepwater offshore
operations.
Both companies said they would now con-
tinue exploration work at Tayrona for the
purpose of determining the size of the newly dis-
covered gas reserves. They did not say whether
they had set a schedule for further exploration
drilling.
In its statement, Petrobras said it had
invested in the Tayrona project with the aim of
“active portfolio management.” It also stressed
the potential for establishing a new offshore pro-
duction province, saying: “[The] opening of this
new frontier is aligned with the company’s stra-
tegic pillar of maximising its value with a focus
on exploration of deep- and ultra-deepwater Uchuva-1 was drilled at a site about 32 km from shore (Image: Petrobras)

VENEZUEL A
Repsol touts “new dynamic” in relations

with PdVSA after crude supplies resume

SPANISH energy and petrochemical company from the US and elsewhere from investing in
Repsol is exploring a “new dynamic” for its busi- the Venezuelan oil sector by imposing penalties
ness in Venezuela, the company’s CEO Josu Jon on parties that trade with the national oil com-
Imaz announced last week. pany (NOC) PdVSA and other individuals and
His statement, made during a presentation organisations under Caracas’ control.
on Repsol’s second-quarter results, came after Repsol’s new business approach includes the
the US State Department decided to grant spe- resumption of imports of Venezuelan crude,
cial authorisations to European companies, marking the first time in two years that such
enabling them to do business with the South deliveries have occurred. Imaz described the
American state’s oil industry without falling shift as a positive thing for his company, say-
foul of US sanctions. Since early 2019, Wash- ing: “It seems to me we are entering into a new
ington has sought to discourage companies dynamic relating to Venezuela.”.

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