Page 12 - LatAmOil Week 05 2023

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The first phase will last two or three years and to be a major gain for PRIO, which has focused
will involve connecting three existing develop- on acquiring assets that offer a competitive
ment wells and drilling eight new development advantage with relatively low levels of green-
wells and one new injection well to bring pro- house gas (GHG) emissions intensity. The
duction up to 50,000 bpd. The second phase will company operates largely in the Campos Basin
involve the drilling of another six development and seeks primarily to acquire, redevelop and
wells and four injection wells. improve the efficiency and safe operation of
The acquisition of Albacora Leste is expected mature fields. ™

ARGENTINA
Court rejects latest attempt to freeze

seismic study in North Argentina basin

THE Federal Court of Appeals in Mar del Plata, Under these circumstances, they com-
a resort city around 400 km outside of Buenos mented, the project is not likely to pose major
Aires, has rejected an attempt to overturn a risks to offshore ecosystems.
previous legal ruling that green-lit plans for off- Argentinian Energy Minister Flavia Royon
shore exploration work in portions of the North hailed the court’s ruling, saying that it cleared
Argentina basin. the way for YPF and its partners to explore a
The court issued its ruling last week in section of the offshore zone that was believed to
response to an appeal filed jointly by Guillermo hold substantial reserves of hydrocarbons.
Montenegro, the mayor of Mar del Plata, and If the partners discover commercial reserves,
a group of environmental organisations that they will make an important contribution to
oppose the offshore project. Both Montenegro “the development and growth of our country,”
and these groups have sought to draw attention she said.
to the possibility that the exploration scheme, “We celebrate this great news for the coun-
which will be carried out by the national oil try. It is estimated that this offshore project could
company (NOC) YPF in co-operation with reach a production volume of 200,000 barrels
Equinor (Norway) and Shell (UK), poses risks per day [bpd], 35% of Argentina’s current pro-
to the local environment. duction,” she wrote in a post on Twitter.
The plaintiffs submitted a petition seeking to The NOC’s exploration project has fallen
halt exploration of December 22, shortly after about three months behind schedule as a result
the Federal Court of Appeals lifted an injunc- of the legal battle. YPF had hoped to launch a
tion suspending the project. Eduardo Jiménez seismic survey campaign last year and had
and Bernardo Bibel, the judges presiding over arranged to use the BGP Prospector, a research
the court, responded to this move by classifying vessel owned by BGP Offshore (China), for this
the new appeal as “inadmissible” because the purpose in November. However, news of the
plaintiffs had not been deprived of their right lawsuit led the ship to turn back after reaching
to pursue their interests within Argentina’s judi- Uruguayan waters.
cial system. They also made their response to the YPF, Shell and Equinor have said they hope
appeal during the court’s recess in January, at a to gather seismic data from several blocks in
time when rulings are only made on the most the North Argentina basin – CAN-100, CAN-
urgent cases. 108 and CAN-114. They began planning for
The judges wrote in their ruling dismissing the project began after securing a permit from
the appeal that the previous decision would Argentina’s government, under the leadership
stand, as it provided adequate protection for of President Alberto Fernandez, in November
environmentally sensitive sections of the North 2021.
Argentina basin. The scheme has sparked a number of pro-
The court has already ordered YPF and its tests. In January 2022, for example, thousands
partners to appoint permanent observers in of people took to the beaches in Mar del Plata
order to monitor their exploration activities to protest about the planned seismic campaign
and to accept the maximum level of government and voice concerns about the risks that oil explo-
oversight, they noted. It has also instructed the ration and drilling posed to local beaches and
investors to suspend operations immediately in fishing grounds. Their complaints drew sup-
the event that monitors determine that the pro- port from residents of other coastal cities across
ject has caused serious environmental damage, Argentina, many of whom staged similar pro-
they said. tests on their own beaches. ™

P12 www. NEWSBASE .com Week 05 01•February•2023