Page 16 - LatAmOil Week 25 2021

LatAmOil NEWS IN BRIEF LatAmOil

The work consists of pre-laying 24 torpedo both to maximise cost efficiencies and accelerate operations. These preparations to take advantage
anchors, each weighing 120 tonnes and 23 production increases. of identified material organic growth options
metres long, on 2.000 metres of water depth Increasing liquids production represents demonstrate Echo’s commitment to and confi-
offshore Rio De Janeiro, Brazil, at the Mero delivery upon the Company’s strategy to lever- dence in its growth strategy in the Santa Cruz
2 Project, and Maersk Supply Service will be age the marked upswing in global commodity Sur assets.
responsible for all activities from engineering, prices. It is expected that the additional liquids “Our clear focus remains on creating value
procurement and offshore execution. production will contribute to a material cashflow for our shareholders, and we continue to pro-
Since 2017, Maersk Supply Service has increase. gress opportunities to do that across the portfo-
expanded its offerings into being a solutions The Company is additionally pleased to lio connected by our enhanced infrastructure.”
provider, specialised in towing, mooring and confirm that since May 1, 2021, gas production Echo Energy, June 21 2021
installation of large floating structures, which is has been sold under the previously announced
an integral part of the maritime expertise needed new gas sales agreements, with the significantly Interoil reports on
for both offshore wind and oil and gas markets. increased winter pricing. Gas volumes not sold
“With this contract, Maersk Supply Service under long term contracts are sold to the spot production levels in
reaches another key milestone in its solutions market.
journey. We have been scaling our solutions In May 2021, the company sold a total of 18 May 2021
business since 2017 and have now won and suc- mcf (509,700 cubic metres) to the spot market at
cessfully executed material projects in Africa, an average price of $5 per mmBtu, representing a Below please find average gross operated
Latin America and Europe for energy majors. 151% rise in prices compared to the March 2021 production in May 2021 and corresponding
With more solutions work in our portfolio, average spot price. numbers for April 2021. Interoil-operated in
Maersk Supply Service can leverage our in-depth Daily operations in the field at Santa Cruz Colombia: 748 boepd (including 492 bpd of oil)
project and maritime capabilities and have a Sur continue with the delivery of produced gas in May 2021, compared to 832 boepd (includ-
more robust business foundation for further to customers as expected. Production over the ing 576 bpd of oil) in April 2021. Operated by
growth,” says Oliver Trouvé, Head of Integrated period from January 1, 2021, to June 14, 2021, Selva Maria Oil on behalf of Interoil until local
Solutions in Maersk Supply Service. reached an aggregate of 278,600 boe net to Echo, authorities approve operator’s licence in Argen-
Maersk Supply Service, June 21 2021 which included 33,910 barrels of oil and conden- tina: 2,559 boepd (including 338 bpd of oil) in
sate and 1.47 bcf (39.65 mcm) of gas. May 2021, compared to 2,609 boepd (including
Santa Cruz Sur is a collection of five produc- 317 bpd of oil) in April 2021.
PERFORMANCE tion concessions located in the onshore Austral In May, total daily production was 3,307 bar-
Basin, southern Argentina rels of oil equivalents per day (boepd) compared
Echo Energy announces mented: “As we have moved into mid-2021, consequence of the social unrest in Colombia,
Martin Hull, CEO of Echo Energy, com-
to 3,441 boepd in April. The decline is mainly a
operational update Echo has continued to deliver on its promises, which continued to affect most economic activ-
with the pipeline infrastructure delivered to ity including oil and gas production through
Echo Energy, the Latin American focused schedule. We are now moving into a phase of May.
upstream oil and gas company, has provided increasing liquids production enabling Echo to Road blockades slowed transportation of
an operational update regarding its Santa Cruz benefit from the upswing in global oil prices and spares and consumables to the fields and made
Sur assets, onshore Argentina, for Q2-2021 until the improved macro-outlook as demonstrated export of oil products from the fields difficult.
June 14, 2021. by our increased frequency of oil sales. Against In order to avoid complete shut-down of wells
Operational Update: The Company is pleased this global backdrop, domestic spot market gas as the storage tanks at the fields were filling up,
to confirm that following fabrication, installation prices have also risen markedly, and we have Interoil resolved to curb output from wells. The
of the pipeline infrastructure required to bring been able to take advantage of this improving unfortunate situation in the country also caused
back online the liquids production previously domestic situation. further delay to the planned drilling of the
shut in April 2020 is now complete. The sched- “With improved economic tailwinds and new Mazorca well in the Altair field.
ule has been delivered in line with the timeline infrastructure installed in the field, we will have In Argentina, the planned workover opera-
anticipated in the Company’s announcement of additional capacity to commission incremental tions at the MMO-15 field commenced in May
February 24, 2021. enhancement projects within the portfolio. The with encouraging results and increased oil pro-
It is expected that the first tranche of produc- increasing cashflows are expected to enable fur- duction reported. Currently, Argentina is in
tion to be brought back online will be from 10 ther production investments to be funded from COVID-19 lockdown, and the workover oper-
wells in the Campo Molino and Chorillos oil- ation is suspended because some critical field
fields. This work to bring the initial production experts have been prohibited from entering the
back online is expected to take around 15 days. country. The company expects to resolve this sit-
When these wells were last online, the combined uation shortly.
gross production was approximately 138 bpd Interoil Exploration and Production ASA is
gross, 96 bpd net to Echo. a Norwegian based exploration and production
This first tranche of restored production will company, listed on the Oslo Stock Exchange and
increase the number of active producing oil wells with a focus on Latin America. The Company is
at Santa Cruz Sur to 18. Subsequent tranches of operator and licence holder of several produc-
production when brought back online should tion and exploration assets in Colombia and
increase this active oil well stock to around 35. Argentina. Interoil currently employs approxi-
The programme of work to bring online the mately 50 people and is headquartered in Oslo.
subsequent tranches of wells will be optimised Interoil, June 18 2021

P16 www. NEWSBASE .com Week 25 24•June•2021