Page 16 - LatAmOil Week 28 2021

LatAmOil NEWS IN BRIEF LatAmOil

Bruce Dingwall CBE, Executive Chairman of
Trinity, commented: “The Board is extremely
proud of the Trinity team for, once again, safely
delivering a strong operational and financial
performance despite the ongoing state of emer-
gency in Trinidad. Strong base production and
operating cash generation, and the maintenance
of a robust balance sheet, are the foundations
that continue to enable us to pursue the numer-
ous initiatives underway to meaningfully scale
the business. In addition, the capital reduction
which we have recently effected will enable the
Company to return value to shareholders via
dividends and/or share buybacks as and when
appropriate.
“As we look to the future with increasing con-
fidence, I must again thank our staff and busi-
ness partners for their unstinting dedication to
their responsibilities and to the supply chain and
their employees for supporting our operations
through the extraordinary period we are all liv-
ing through.”
Trinity Exploration, July 15 2021 the years. adjustments due and the closing of the trans-
About Rio Ventura Cluster: The Rio Ventura action is subject to compliance with precedent
Cluster comprises the onshore fields of Água conditions such as approval by the National
INVESTMENT Grande, Bonsucesso, Fazenda Alto das Pedras, Agency of Petroleum, Natural Gas and Biofuels
Pedrinhas, Pojuca, Rio Pojuca, Tapiranga, and (ANP).
Petrobras concludes sale Tapiranga Norte, located in the cities of Catu, This disclosure complies with Petrobras’
Mata de São João, Pojuca, and São Sebastião do internal rules and is aligned with the provisions
of Rio Ventura Cluster Passé, in the state of Bahia, in which Petrobras of the special procedure for assignment of rights
holds 100% stakes. The average production of on exploration, development and production of
Petrobras, following up on the release disclosed the Rio Ventura Cluster in the first half of 2021 oil, natural gas and other fluid hydrocarbons,
on August 21, 2020, informs that today it has was approximately 780 barrels per day (bpd) of provided for in Decree 9,355/2018.
concluded the sale of its total interests in eight oil and 40,800 cubic metres per day of natural This transaction is in line with the portfolio
onshore exploration and production fields, gas. optimization strategy and the improvement of
jointly called Rio Ventura Cluster, located in the About 3R Petroleum Óleo e Gás S.A.: 3R Rio the company’s capital allocation, increasingly
state of Bahia, to 3R Rio Ventura S.A., a wholly Ventura S.A. (new corporate name of SPE Rio concentrating its resources in world-class assets
owned subsidiary of 3R Petroleum Óleo e Gás Ventura S.A., the entity which the present trans- in deep and ultra-deep waters, where Petrobras
S.A.. action was signed) is a wholly owned subsidiary has demonstrated great competitive edge over
After fulfilling the previous conditions, the of 3R Petroleum Óleo e Gás S.A., a company the years.
transaction was concluded with the payment of listed on the Novo Mercado of the Brazilian About Papa-Terra field: The Papa-Terra field
$33.9mn to Petrobras, already with the adjust- stock exchange, whose strategy is to revitalise is part of the BC-20 concession and is located at
ments provided for in the contract. The amount mature onshore and offshore fields. a water depth of 1,200 metres. The field started
received at the closing is in addition to the Petrobras, July 14 2021 operating in 2013 and its average production of
$3.8mn paid to Petrobras when the sale agree- oil and gas in 2021, until June, was 17,900 boepd,
ment was signed. The company will still receive Petrobras signs contract for through two platforms, P-61 of the TLWP (Ten-
the following installments, subject to adjust- sion Leg Wellhead Platform) type and P-63 of
ments: (i) $16mn that will be paid in 30 months; sale of Papa-Terra field the FPSO (Floating Production Storage and
and (ii) $43.2mn of contingent payments related Offloading) type, where all the production is
to future oil prices. Petrobras, following up on the releases disclosed processed.
This disclosure is in accordance with Petro- on April 17, 2020, and November 24, 2020, Petrobras is the operator of the field, with a
bras’ internal rules and with the provisions of the informs that it has signed with the company 3R 62.5% stake, in partnership with Chevron, which
special procedure of assignment of exploration Petroleum Offshore S.A. (3R Offshore) a con- holds the remaining 37.5%.
rights, development and production of oil, nat- tract for the sale of the totality of its participation About 3R Offshore: 3R Offshore is a company
ural gas and other fluid hydrocarbons, provided in the Papa-Terra production field, located in the controlled by 3R Petroleum Óleo e Gás S.A. (3R
for in Decree 9,355/2018. Campos Basin. Petroleum), a company listed on the Novo Mer-
This transaction is aligned with the strategy The amount of the sale is $105.6mn, of which cado of the Brazilian stock exchange, which has,
of portfolio optimization and the improvement (a) $6.0mn paid on the present date; (b) $9.6mn among its main shareholders, investment funds
of the company’s capital allocation, increasingly at the closing of the transaction and (c) $90.0mn managed by Starboard Asset Ltda. (Starboard).
concentrating its resources on world-class assets in contingent payments provided for in the con- 3R Offshore’s strategy is to revitalise mature off-
in deep and ultra-deep waters, where Petrobras tract, related to production levels of the asset and shore fields.
has demonstrated great competitive edge along future oil prices. The amounts do not consider Petrobras, July 12 2021

P16 www. NEWSBASE .com Week 28 15•July•2021