Page 12 - LatAmOil Week 06 2022

LatAmOil BRAZIL LatAmOil

Under this agreement, it explained, SWST will managing director and CEO, expressed satis-
supply Karoon Petróleo e Gás with more than faction with the new agreement. “Entering this
480,000 verified emission reductions (VERs) VER agreement is a major milestone for Karoon
during the period between 2022 and 2030. The on our sustainability journey and demonstrates
Karoon subsidiary will then use these carbon our commitment to achieving our GHG emis-
credits to offset about 60% of the Scope 1 and 2 sions goals,” he commented. “Karoon has set
GHG emissions from the Baúna-Patola project, ambitious targets to be carbon neutral for Scope
it said. 1 and 2 emissions in Baúna-Patola from FY 2021
The company went on to say that this agree- onwards, while working toward a net-zero tar-
ment would also encompass the purchase of get for Scope 1 and 2 emissions by 2035. These
a sufficient number of VERs to offset 60% of VERs, together with the VERs purchased in
projected emissions from Baúna in Fiscal Year November 2021, enable us to achieve carbon
2021. As such, it stated, the deal will comple- neutrality for FY 2021 and take us towards
ment Karoon’s purchase of 19,980 VERs last reaching our longer-term objectives.”
November and bring net emissions down to Fowles also described SWST as an appropri-
zero at Baúna in FY 2021. ate partner for carbon offsets, saying: “We are
The statement also stressed Karoon’s long- delighted to have entered into this agreement
term commitment to sustainability, noting that with SWST, which, together with other Shell
the new agreement with SWST would ensure its affiliates, has significant experience in carbon
access to an adequate supply of VERs to offset markets and with nature-based carbon cred-
the majority of the Baúna-Patola project’s Scope its. Shell exercises a high level of due diligence
1 and 2 emissions. It further stated that the deal in selecting projects, consistent with Karoon’s
was in line with the Sustainability Strategy that commitment to using high-quality VERs.”
the company unveiled last October and marked Karoon finalised its acquisition of a 100%
its progress toward the implementation of its stake in Baúna, a section of the BM-S-40 block
Carbon Management Action Plan. in Brazil’s offshore Santos basin, in Novem-
Dr Julian Fowles, the Australian company’s ber 2020. Baúna is around 50 km away from

BOLIVIA
YPFB reports gas find in Margarita-10 well

BOLIVIA’S national oil company (NOC) YPFB their best effort to make this production avail-
has announced a major natural gas discovery, able to the market in the shortest time possible,”
saying that the latest exploration well drilled he was quoted as saying in the NOC’s press
at the Margarita-Huacaya field appears to have release.
revealed 300-350bn cubic feet (8.5-9.9bn cubic Other sources reported that Repsol is look-
metres) in new reserves. ing to launch commercial production at Marga-
According to a company statement, YPFB rita-10 by June 2022. Gas from the new well may
went public with news of the find on February be used to help YPFB meet its contractual com-
5, with help from Bolivian President Luis Arce mitments to export gas to Brazil and Argentina,
Catacora. During a speech in Oruro, Arce noted and it should help shore up falling production
that the field’s Spanish operator Repsol had dis- levels, which sank from 61 mcm per day in 2014
covered the gas in the Margarita-10 well. He also to 45 mcm per day in 2021.
said that the well would yield 3mn cubic metres The Margarita-Huacaya field is located in
per day when it began commercial operations, southern Bolivia, and it straddles the border
enough to make it the largest producer in the between the Tariija and Chiquisaca depart-
country. ments. The field contains conventional reserves
These volumes of gas are expected to gener- but is geologically complex. ™
ate more than $260mn per year in revenue for
the Bolivian government, which will use the
money to fund investments in health, education
and economic growth programmes, YPFB said.
The state-owned company also quoted Arce as
saying that the project would greatly benefit the
Bolivian people.
Meanwhile, YPFB president Armin Dor-
gathen stressed that his company would uphold
its responsibility for assisting Repsol with tech-
nical matters in order to bring Margarita-10 on
stream quickly. “YPFB and Repsol will make Drilling rig at Margarita-10 gas field (Photo: YPFB)

P12 www. NEWSBASE .com Week 06 10•February•2022