Page 14 - LatAmOil Week 06 2022
P. 14

LatAmOil                            NEWS IN BRIEF                                                   LatAmOil








       With the help of 10H and PetroTal’s robust well  others. The remaining volumes correspond pri-  Brazil, Chile, Peru, and Bolivia, road concessions
       portfolio, the Company set a new daily record  marily to the favorable effect of the recovery of  in Chile, and the telecommunications sector.
       production level of 20,891 bpd on February 1,  international oil prices during 2021.  Ecopetrol, February 7 2022
       2022, surpassing the mark set in mid-December   As a result of Ecopetrol’s sale of Savia Peru
       2021 when 9H was brought onstream. With the  effective as of January 2021, a disincorporation
       Company’s central processing facility (CPF-2)  of said company’s reserves was carried out for  PROJECTS & COMPANIES
       fully commissioned, the Company is awaiting  3.5mn boe.
       final ministry approval expected around Febru-  83% of the proven reserves are owned by   Petrobras adds Shearwater
       ary 15, 2022, to be able to operate to its maxi-  Ecopetrol, while the other Ecopetrol Group
       mum capacity of approximately 24,000 bpd to  companies contributed with 17% of the 2.002bn   Reveal to its portfolio of
       26,000 bpd, from current constrained produc-  boe, mainly due to the operation of Ecopetrol
       tion of around 20,000 bpd.          Permian and Ecopetrol America in the United   geophysical tools
         Manuel Pablo Zuniga-Pflucker, President  States.
       and CEO, commented: “We have set additional   The 13% increase achieved in reserves in  Shearwater GeoServices has announced a sig-
       production records with 10H’s early production  2021 demonstrates the strength of the Ecopetrol  nificant licensing contract for its Shearwater
       rates. We are extremely pleased from a technical  Group’s hydrocarbon portfolio, which supports  Reveal geophysical software with Petrobras. The
       standpoint at what this could mean for the future  the company’s sustainable growth path within its  agreement includes the provision of associated
       performance of PetroTal’s drilling inventory and  energy transition strategy.  training and support services.
       are pleased to deliver a strong start to 2022 for   Ecopetrol Group’s 1P Proved Reserves 2021:   Petrobras’ world-leading geophysical pro-
       shareholders.”                      Proven Reserves as of Dec 31, 2020, 1.770bn boe;  cessing team will have access to a full range of
       PetroTal, February 10 2022          Revisions, 315mn boe; Mineral Purchases, 0;  geophysical processing tools, including time,
                                           Enhanced Recovery, 139mn boe; Extensions and  depth, multicomponent, time-lapse 4D process-
       Ecopetrol achieves                  Discoveries, 12mn boe; Mineral Sales, -3.5mn  ing and advanced imaging offered by the Shear-
                                           boe; Production, -231mn boe; Proven Reserves  water Reveal software platform.
       reserve-replacement                 as of Dec 31, 2021: 2.002bn boe.       “We are pleased to see Petrobras joining a
                                              Ecopetrol is the largest company in Colombia  growing number of major energy companies
       ratio of 200% in 2021               and one of the main integrated energy compa-  licensing Shearwater Reveal for their geophysical
                                           nies in the American continent, with more than  processing work,” said Simon Telfer, Software,
       Ecopetrol announced today its consolidated  17,000 employees.            Processing and Imaging SVP at Shearwater. “It
       proven oil, condensate, and natural gas reserves   In Colombia, it is responsible for more than  is a validation of the value-adding capabilities of
       (1P reserves, according to the standard interna-  60% of the hydrocarbon production of most  the Reveal software and underlines the impor-
       tional denomination), which include the results  transportation, logistics, and hydrocarbon refin-  tance of high-quality geophysical data process-
       of Ecopetrol and its subsidiaries, as of December  ing systems, and it holds leading positions in the  ing and imaging to the success of subsurface
       31, 2021.                           petrochemicals and gas distribution segments.  projects.”
         Reserves were estimated based on the United  With the acquisition of 51.4% of ISA’s shares, the   Shearwater leads the industry with its Reveal
       States Securities and Exchange Commission  company participates in energy transmission,  seismic processing software. It provides process-
       (SEC) standards and methodology. 99.5% of  the management of real-time systems (XM),  ing and imaging for towed streamer, ocean-bot-
       the reserves were certified by four independent  and the Barranquilla-Cartagena coastal highway  tom and land seismic surveys from within a
       specialised firms (Ryder Scott Co., DeGolyer and  concession.            single user interface. Shearwater uses and devel-
       MacNaughton, Gaffney, Cline & Associates, and   At the international level, Ecopetrol has a  ops Reveal for its processing and imaging ser-
       Sproule International Ltd).         stake in strategic basins in the American conti-  vices and collaborates with clients to advance
         The SEC-defined price used for the 2021 val-  nent, with Drilling and Exploration operations  technology in Reveal. The software is licensed
       uation of reserves was $69.2 per barrel of Brent  in the United States (Permian basin and the Gulf  to energy companies, contractors, consultants
       versus $43.4 per barrel of Brent in 2020.  of Mexico), Brazil, and Mexico, and, through  and is used by academia for both teaching and
         At the end of 2021, the net proven reserves  ISA and its subsidiaries, Ecopetrol holds leading  research.
       of the Ecopetrol Group were 2.002bn boe. The  positions in the power transmission business in   Shearwater GeoServices, February 8 2022
       Reserve-Replacement Ratio was 200% and the
       average reserve life was equivalent to 8.7 years.
         In 2021, the Ecopetrol Group incorporated
       462mn boe of proven reserves and the total accu-
       mulated production was 231mn boe. Of the total
       balance of reserves, 72% are liquid reserves, with
       an average life of 8.2 years, while the remaining
       28% are gas reserves, with an average life of 10.4
       years.
         Of the 462mn boe incorporated, 61%
       (282mn boe) was primarily a result of perfor-
       mance within development fields, optimal and
       timely maturity of new projects, and greater
       capacity to execute and implement enhanced
       recovery expansion projects in fields such as
       Chichimene, Castilla, and Akacias, among



       P14                                      www. NEWSBASE .com                       Week 06   10•February•2022
   9   10   11   12   13   14   15   16   17