Page 15 - LatAmOil Week 05 2023

LatAmOil NEWS IN BRIEF LatAmOil

POLICY national oil company for work offshore Brazil.
The estimated backlog of $392mn excludes a
Petrobras approves mobilisation fee of 90 times the contract day rate.
The new contract is expected to commence
company’s tax policy in Q3 2023.
Transocean, 31 January 2023
Petrobras informs that its Board of Directors, in
a meeting held today, in line with the continuous Maersk Supply Service
improvement of its governance, approved a Tax
Policy applicable to the company and its equity awarded largest solutions
holdings.
“The Policy reiterates Petrobras’ commit- contract for Búzios field
ment to ensure that tax management, which oil well in Palo Seco region in over a decade.
covers taxes and governmental holdings, is Located in the WD-5/6 Lease Operatorship Maersk Supply Service has signed an assign-
adherent to the legislation in place, in Brazil and area, the well will test a structural prospect ment agreement with TechnipFMC for the
in the countries where the company operates. defined on 3D seismic, with target reservoirs of comprehensive towing and mooring campaign
Furthermore, the Policy reinforces the principle Lower Cruse Miocene-age turbidite sandstones. of Petrobras’s Búzios 6 Project (seventh module
that tax management is guided by ethics, integ- The well will also intersect multiple shallower of Búzios) offshore Brazil.
rity, transparency, efficiency, and social respon- stacked reservoir targets. The scope covers the pre-installation of the
sibility, contributing to the social and economic The target volume of resources to be exploited mooring system and hook up of the FPSO P-78.
development of Brazil and of the countries is significant and highly material for Trinity, The FPSO P-78 will be the seventh FPSO in
where Petrobras operates,” according to Rodrigo with a mean oil in place (OIP) volume of 5.7mn the Búzios field, located offshore Santos Basin,
Araujo, Petrobras’ Chief Financial and Investor barrels and an upside (P10) case of over 10mn Brazil.
Relations Officer. barrels in-place. Success holds the potential for The project will be carried out over almost 2
The Policy’s guideline is to comply with the improved economic returns with cash return years, with onshore work (including engineer-
tax legislation of Brazil and of the countries multiples (at a Brent oil price of $80 per barrel) ing, procurement and project management for
where Petrobras operates, defining the com- in the order of 2.4x compared to conventional such assigned activities) already underway, and
pany’s strategy based on the technical inter- well opportunities with cash return multiples of offshore work that is expected to utilise two of
pretation of the rules, standards and processes, approximately 1.4x. Maersk Supply Service’s state-of-the-art M-class
aligned with the Business Purpose and Tax Risk Jeremy Bridglalsingh, the CEO of the com- anchor handlers, which will be supported by an
Management. Petrobras assumes the commit- pany, commented: “This is a significant well additional four AHTS for the station keeping.
ment of not holding equity interests in jurisdic- and growth catalyst for Trinity. The potential to “We are very pleased to support the devel-
tions recognised as having favored taxation, as access larger, virgin-pressured reservoirs with opment of the Búzios 6 field and to further
well as observing the Transfer Pricing rules pro- higher initial production rates than conventional expand our operations in Brazil. Our approach
vided for in Brazil and in the countries where wells offers Trinity reduced payback cycle times is to combine our engineering, project man-
it operates, in relation to all transactions with and a meaningful production increase. We plan agement and operational experience with the
related parties, or non-related parties, when so to acquire further geological data from the well, best-in-class capabilities of our fleet, providing
required by Law. which will calibrate the prospectivity developed added value to the Brazilian market,” says Rafael
Petrobras, 26 January 2023 across the area following the 2020 purchase and Thome, Managing Director for Brazil at Maersk
subsequent interpretation and mapping of its Supply Service.
Palo Seco NWD 3D seismic dataset. “We are delighted to have the opportunity to
PROJECTS & COMPANIES “A successful well would unlock both a fur- continue building on our positive relationship
ther development of Jacobin and follow-on with Technip FMC, and to further demonstrate
Trinity Exploration & drill-ready prospects and mapped leads across our capabilities in delivering challenging EPCI
our core onshore acreage. The technical work mooring projects in deep-water Brazil. We now
Production to drill Jacobin undertaken for Jacobin also formed a key part look forward to adding to our excellent track
of our evaluation and thinking in applying for record of safe and efficient integrated project
prospect onshore Trinidad the Buenos Ayres block in the 2022 Onshore and executions,” says Olivier Trouvé, Head of Inte-
Nearshore Competitive Bid Round earlier this grated Solutions at Maersk Supply Service.
AIM-listed Trinity Exploration & Production, month.” Maersk Supply Service delivers integrated
the independent E&P company focused on Trin- Trinity Exploration & Production, 26 January solutions for complex offshore operations in
idad and Tobago, has progressed its plans to drill 2023 order to reduce risk and costs to its customers.
the deep Jacobin prospect. It does so by combining the flexibility of its ver-
Working extensively and collaboratively Transocean announces satile and fully owned fleet with its in-house
in relation to various approvals with Heritage engineering and project management expertise.
Petroleum Co., the State-owned oil and gas com- $392mn contract award for This award follows the successful completion
pany, Trinity is pleased confirm that it has taken of the significant Mero 2 contract for the FPSO
its final decision to drill the Jacobin well, which ultra-deepwater drillship Sepetiba, for the pre-installation of the mooring
the Company anticipates will spud in Q2 2023. system at over 2,000 metres water depth. This
Trinity’s working interest is 100%. Transocean has announced that the ultra-deep- major project involved the procurement and
The proposed Jacobin well will be the deepest water drillship, the Dhirubhai Deepwater KG2, installation of 24 torpedo anchors, and the sub-
(approximately 9,800 feet TVDSS TD) onshore has been awarded a 910-day contract by a sequent abandon of the polyester mooring lines.

Week 05 01•February•2023 www. NEWSBASE .com P15