Page 10 - LatAmOil Week 28 2021

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In the document cited by OilNOW.gy, CGX not complete processing of the new data until
expressed optimism about the exploration drill- June 2020.
ing project, saying that Kawa “shows significant Accordingly, it sought and secured a one-
promise for a low-risk, high-reward prospect.” It year extension from Guyana’s government last
said it had selected the drilling site on the basis of autumn. The extension pushed the deadline
time processing that highlighted lead areas and for completion of the company’s two-well drill-
depth processing that confirmed the prospects. ing programme back to November 27, 2021.
For its part, Frontera noted that the compa- Kawa-1 will be the first of the two, while the sec-
nies had arranged to use the Maersk Discoverer, ond will be Makarapan-1 at the Demerara block.
a sixth-generation semi-submersible rig owned The latter well will be drilled to a depth of about
by Maersk Drilling (Denmark), to sink the new 3,500 metres in 1,000-metre-deep water.
exploration well. The rig is currently in Trinidad The cost of drilling the Kawa-1 and Makara-
and Tobago under a contract with another com- pan-1 wells is anticipated to reach $90mn. ™
pany and will be moved to the Kawa-1 drilling
site after it has completed that project, the com-
pany said.
Orlando Cabrales, the CEO of Frontera,
expressed satisfaction with the pace of work at
Corentyne. “There has been excellent progress
by CGX to advance the substantial exploration
opportunities in one of the world’s leading off-
shore basins,” he commented. “With the Kawa-1
spud window established, drilling and support
contracts secured and operational activities
underway, I look forward to safely and efficiently
improving our understanding of the potential of
the Corentyne block over the coming months.”
Equity in the Corentyne project is split
between CGX, with 66.67%, and Frontera, with
33.33%. The partners had hoped to begin drill-
ing in early 2020, just a few months after PGS
Geophysical finished a 582-square km 3D seis-
mic survey of the northern part of the block in
November 2019. However, the contractor did The Kawa-1 well will be spudded in August (Image: CGX Energy)

BRAZIL
PetroRio completes tie-back system

establishing Polvo-TBMT cluster

PETRORIO has become the first independent expenses at these two fields from $120mn per
Brazilian company to establish a private cluster year to $70mn per year, resulting in annual sav-
of mature oilfields in the Campos basin by com- ings of $50mn, it noted. This is equivalent to
pleting work on a tie-back system connecting the cost of leasing, maintaining and fuelling the
the Polvo and Tubarão Martelo (TBMT) sites. Bravo FPSO, it said.
The company made an announcement to Operational expenses are set to go down
this effect earlier this week, saying that it had largely because the Bravo FPSO, which is cur-
wrapped up 11 months of work on the tie-backs rently chartered to the TBMT field and operated
connecting Polvo-A, a platform at the Polvo by BW Offshore (Norway), operates more effi-
field, to the Bravo floating production, stor- ciently than the Polvo-A platform, the company
age and off-loading (FPSO) vessel installed at explained. The vessel’s “high operational reli-
TBMT. The link between the two sites is 11 km ability and oil processing and storage capacity
long and consists of 22 km of installed lines, it [will lead to] higher operational efficiency for
noted. the Polvo field,” it said.
The cost of the project came to $45mn, and The company’s production team intends to
PetroRio indicated that it expected to recoup the spend part of July on the FPSO making adjust-
costs of the project quickly. ments to and stabilising Polvo’s production lev-
The tie-backs will reduce operational els, it added.

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