Page 15 - LatAmOil Week 25 2021

LatAmOil NEWS IN BRIEF LatAmOil

Initial third-party petrophysical analysis of both examples of digital technologies that are already
these sections of the well from mudlog and the being adopted by the company and that will be
electric wireline logs show a total of 145 feet (44.2 expanded with RefTOP are the Digital Twins
metres) net oil-bearing reservoir in the 17.5- (digital representations of the operational facili-
inch (444.5-mm) hole section from the Upper ties) for real-time monitoring, failure reduction,
Cruse down to the Upper Middle Cruse, with and easier decision-making. Another impor-
an additional 20 feet (6.1 metres) net oil-bearing tant driver of the programme is the increase in
reservoir in the 12.25-inch (311.2-mm) section the production of high value-added petroleum
from the remaining section of the Upper Mid- products, such as diesel and propylene - raw
dle Cruse into the Lower Middle Cruse. Work material for the petrochemical industry for the
has commenced on understanding production production of packaging and automotive parts,
potential from these secondary targets. for example. The company will leverage the
The final section of the Saffron-2 well (at 8.5 processing of pre-salt oils, which have low sul-
inches or 215.9 mm) is currently being drilled phur content, bringing competitive advantages
out, to a final target depth of 4,557 feet (1,389 and opportunities to increase the refining mar-
metres), including the primary reservoir tar- registration of the Offering or Shares will be gin, favoring the production of S-10 diesel and
gets of interest in the Lower Cruse, following carried out in any agency or regulatory body in bunker.
which the Company expects to provide a further the capital markets of any other country, except The investments in RefTOP until 2025 are
update. in Brazil, with the CVM. The Shares will not be approximately $300mn and are included in the
These units will be logged and sampled via or have not been registered under the Securities $3.7bn of investments foreseen for refining in
MDT (assuming success), and thereafter it is Act of 1933 and may not be offered or sold in the the Strategic Plan 2021-2205.
intended the well will be lined and readied for United States absent registration or an applica- RefTOP, together with the Gas + Programme
production testing. It is expected that the process ble exemption from registration requirements. and BioRefining 2030, will prepare the com-
of preparing for production testing (including The percentage of shares to be offered by Petro- pany’s refining and natural gas activities for an
perforation) will take two to three weeks, such bras under the Offering will be of 37.5% of its open and competitive market, in transition to a
that initial production could occur in around interest in BR’s capital share, which corresponds low-carbon economy, as envisioned in the Stra-
mid-July. to the total equity holdings of Petrobras in the tegic Plan 2021-25
The budgeted total cost for the Saffron-2 well Company. Petrobras, June 24 2021
is $3mn, with an anticipated drill time in the Petrobras, June 17 2021
range of 25-30 days.
Challenger Energy, June 18 2021 SERVICES
DOWNSTREAM

Petrobras set to launch
MIDSTREAM Maersk Supply Service wins
Petrobras announces RefTOP refining programme largest project contract ever
Maersk Supply Service has secured a major pro-
public offering of Petrobras Petrobras, following up on the release dis- ject contract for the Libra Consortium in Brazil
closed on September 18, 2020, informs that it concerning the pre-lay of the mooring system
Distribuidora shares is launching the RefTOP-World Class Refining for a newbuild FPSO in Brazil. The project is
programme with the objective of being among integrating engineering, procurement, con-
Petrobras, in continuity with the material facts the best oil-refining companies in the world. struction and installation (EPCI) work and will
dated as August 26, 2020, and June 11, 2021, RefTOP consists of a set of initiatives that seek be carried out over 2021 and 2022.
informs its shareholders and the general public to implement improvements to increase the “This is one of the biggest projects of its kind
that, it filed the registration statement with the efficiency and operational performance of the to be awarded this year, and we are very proud to
Brazilian Securities Commission (CVM) on refineries that are not in the divestment portfo- have won it. With this contract, we will be ramp-
the date hereof of the secondary public offer- lio – the Presidente Bernardes Refinery (RPBC), ing up our activities in Brazil significantly and
ing of common shares issued by Petrobras Dis- the Duque de Caxias Refinery (REDUC), the will be developing further our office in Rio de
tribuidora (BR) and held by Petrobras (Shares), Capuava Refinery (RECAP), the Paulinia Refin- Janeiro. We look forward to working closely with
under the terms of Article 6-A of CVM Rule No. ery (REPLAN) and the Henrique Lage Refinery Petrobras as the lead operator for Libra Consor-
400, dated as December 29, 2003, as amended, (REVAP) – and to position Petrobras more com- tium and enhancing our solutions capabilities
and other applicable provisions, with efforts to petitively in the opening of the oil refining mar- in the Brazilian market,” says Rafael Thome,
place the Shares abroad pursuant to the exemp- ket in the country. The company evaluated world Managing Director for Maersk Supply Service
tions from registration under the US Securities benchmarks of the main refining indicators to in Latin America.
Act of 1993 (Offering). define the programme’s objectives. Maersk Supply Service is contracted by
In addition, the Company informs that it RefTOP foresees initiatives to increase the the Libra Consortium, comprising of Petro-
has disclosed on the date hereof the Notice to refineries’ energy performance, making better bras (Operator, with 40%), Shell Brasil (20%),
the Market and the Preliminary Prospectus of use of inputs such as natural gas, electricity, and TotalEnergies (20%), CNODC (10%) and
Offering. steam in their own operations. CNOOC Limited (10%). The Consortium also
The request for registration of the Offer- The programme will promote the intensive has the participation of the Pré-Sal Petróleo
ing is currently under review by CVM, and use of digital technologies, automation and SA(PPSA) as the manager of the Produc-
the Offering is subject to its prior approval. No robotisation in Petrobras’ refineries. One of the tion-Sharing Contract (PSC).

Week 25 24•June•2021 www. NEWSBASE .com P15