Page 8 - LatAmOil Week 31 2022

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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