Page 8 - LatAmOil Week 25 2021

LatAmOil VENEZUEL A LatAmOil

As a result, the gasoline shortages that have been “We’ve learned how to make something out
plaguing the country are set to “disappear” in the of nothing,” he told Bloomberg. “It used to be
near future, he told Bloomberg. that whenever any piece of equipment at PdVSA
The minister attributed these purported suc- was damaged, you could pick up the telephone
cesses partly to the Venezuelan government’s and call Siemens, General Electric, any com-
adoption of a law designed to attract foreign pany, and they’d deliver a new one in 24 hours.
investors to oil projects by obscuring their iden- Now it’s just us, with our technology and our
tity. This anti-blockade law has helped PdVSA engineers.”
by ensuring that its new partners are protected He went on to say that he expected condi-
from penalties under the US sanctions regime, tions in Venezuela’s oil industry to continue
he explained. improving, noting that the government planned
Additionally, he said, Venezuela has built up to invest $1.2bn in the sector this year. If PdVSA
domestic manufacturing capacity so that it no succeeds in attracting $30bn worth of new
longer needs to buy equipment and parts from investment, he added, it may be able to push
foreign suppliers. output levels up to as much as 5mn bpd. ™

GUYANA
Hess COO says Uaru-Mako complex may be

fifth development target at Stabroek

HESS, an independent US company, signalled group’s appraisal drilling programme.
earlier this week that ExxonMobil and its part- The first appraisal well drilled at the block
ners in the Stabroek block offshore Guyana were was Longtail-3, he noted. The results from this
coming close to making a decision on their fifth well make clear that the reservoir discovered
development target. in the Longtail-1 well is both deep and wide,
The group has already started production at he said. “[It] is a very large reservoir system, so
the first target, known as Liza-1, and has identi- clearly that is going to be in the development
fied Liza-2, Payara and Yellowtail as its second, queue,” he added.
third and fourth targets. It has not yet named its He also said, though, that another section of
next objectives, but Greg Hill, the COO of Hess, Stabroek was more likely to be chosen as the fifth
indicated that the Uaru and Mako fields had the development target. Results from the Mako-2
best chances of being selected. appraisal well show that the Uaru and Mako
Speaking during a virtual Fireside Chat ses- fields are part of a complex that is a “very oily,
sion during the JP Morgan 2021 Energy, Power very good area,” he remarked.
& Renewables Conference, Hill asked: “So, This complex has a better chance of taking
phase four obviously is going to be Yellowtail, the fifth spot in the development queue and
and the question is, then, what is five, six, and pushing Longtail back to sixth place because
potentially seven?” He then answered the ques- it contains such large amounts of high-quality
tion by reviewing the results of the Stabroek crude, he stated.

Stabroek holds at least 9bn boe in recoverable resources (Image: ExxonMobil)

P8 www. NEWSBASE .com Week 25 24•June•2021