Page 8 - LatAmOil Week 31 2022
P. 8

LatAmOil                                       VENEZUEL A                                           LatAmOil




























                                  Repsol refines heavy sour Venezuelan crude at its complex refineries in Spain (Photo: Grupo Copisa)
                         Since June, he added, the Spanish company   units that we have,” he commented.
                         has received most of the 3.6mn barrels of Ven-  He did not say how much Venezuelan crude
                         ezuelan crude oil that PdVSA delivered to the   Repsol was likely to import in the near future.
                         Italian major Eni to settle a portion of its debts.   Company representatives noted during the
                         Eni sent around 3.0mn barrels, or about 83.3%   second-quarter results presentation that Repsol
                         of its Venezuelan imports, to Repsol, which has   was implementing resource conservation and
                         more capacity for refining heavy sour crudes of   optimisation measures. For example, they said,
                         the sort that the South American state typically   the company has recognised the necessity of
                         produces, Imaz said.                 finding alternative feedstock suppliers in order
                           “The return of cargoes from Venezuela is   to compensate for the slump in Russian deliv-
                         good news for our refining [business], as the   eries following Moscow’s invasion of Ukraine.
                         quality of those crudes matches perfectly with   They also reported that the firm was cutting the
                         the high complexity of our system ... We will   use of natural gas at its refineries by 1bn cubic
                         have a higher capacity to fill our cokers, prob-  metres, thereby setting off a search for alterna-
                         ably optimising in a better way the conversion   tive energy sources. ™



                                                        GUYANA
       Hess CEO says ExxonMobil has begun FEED



       work on Uaru development project






                         EXXONMOBIL (US) has begun front-end   work in great detail.
                         engineering and design work for the Uaru oil-  According to previous reports, ExxonMobil
                         field, its fifth development target at the Stabroek   and its partners intend to develop Uaru along
                         block offshore Guyana, according to John   with Mako, a nearby oilfield, using a floating
                         Hess, the CEO of Hess. The latter company,   production, storage and off-loading (FPSO)
                         a US-based independent, is a partner in the   vessel similar in size to the unit that will be
                         Stabroek consortium.                 installed at Yellowtail, the fourth development
                           Speaking during his company’s second-quar-  target at Stabroek. But they will aim for a higher
                         ter earnings call last week, Hess said that Exx-  production level of up to 275,000 barrels per day
                         onMobil, the operator of the project, was set to   at Uaru-Mako than at Yellowtail, which is set to
                         submit its development plan for the project to   yield 250,000 bpd.
                         Guyana’s government in the fourth quarter of   Should this target be reached, Guyana’s total
                         this year. This will allow the partners to begin   offshore production will top 1mn bpd by the
                         production in 2026, he stated. He noted, though,   time Uaru-Mako plateaus.
                         that achieving this target would depend on gov-  FEED, also known as front-end loading
                         ernment approvals and project sanctioning.  (FEL), feasibility analysis and pre-project plan-
                           Hess did not discuss the details of the FEED   ning (PPP), is an early project planning system.



       P8                                       www. NEWSBASE .com                         Week 31   03•August•2022
   3   4   5   6   7   8   9   10   11   12   13