Page 15 - LatAmOil Week 29 2022

LatAmOil NEWS IN BRIEF LatAmOil

These vary between various licences and include Improved ability to reduce production volatil- S-10 diesel production in Q2-2022 was in the
deduction of Government royalties, Heritage ity. Reduced response times to well issues. Net same level as Q1-2022, with a 55% participation
overriding royalties, facilitation fees, escrow and average production guidance for 2022 remains on total diesel production. Compared with the
mandatory contributions to the abandonment 2,900-3,100 bpd of oil (before the impact of the first quarter in 2021, the yield was higher by 6%,
fund, oil impost, and in respect of Goudron and drilling programme and/or acquisitions) (2021: reflecting the strategic approach for an increase
Inniss-Trinity only, deduction of agreed first 3,006 bpd of oil). of the participation of cleaner products in Petro-
tranche volume and addition of an agreed han- Q2-2022 Financial Highlights Q2-2022 bras’ production porfolio.
dling fee. average realisation of $96.8 per barrel (Q2-2021: Pre-salt represented 73% of Petrobras total
Background: Challenger Energy has five pro- $59.4 per barrel). Operating cash flow pre- production.
ducing fields in Trinidad (Goudron, Inniss-Trin- tax and pre-hedging of $6.9mn (unaudited), The pre-salt oil fields represent 73% of Petro-
ity, South Erin, Bonasse and Icacos), an appraisal an increase of 25% compared to the previous bras total production throughout Q2-2022.
project (Saffron) and an exploration portfolio in quarter (Q1-2022: $5.5mn). Cash balance Their production was 1.94mn boepd between
the South West Peninsula (SWP). of $15.0mn (unaudited) as at June 30, 2022, April and June.
Challenger Energy, July 19 2022 reflecting the combination of strong operating During the period, the average Petrobras oil,
cash generation, the impact of which has been LNG and natural gas production was 2.65mn
Trinity Exploration reduced due to hedging related payments and boepd, an amount 5.1% lower than the one pro-
increased capex, including the purchase of long duced in Q1-2022, due to the beginning of the
announces Q2-2022 lead items to support the drilling campaign. production-sharing contract (PSC) of the sur-
Average operating break-even for Q2-2022 was plus volumes of the Atapu and Sepia Onerous
operational update $31.3 per barrel (unaudited) (Q2-2021: $27.8 per Session, on May 2, with a decrease of Petrobras
barrel (unaudited).
participation in these oilfields, in addition to a
Trinity Exploration & Production, the inde- Outlook: Having commenced drilling on the greater number of maintenance and interven-
pendent E&P company focused on Trinidad and first of the six planned onshore wells, the near- tion stops in the pre- and post-salt platforms.
Tobago, has provided an update on operations term focus is on completing the 2022 drilling There was, however, a partial compensation with
for the three-month period ended June 30, 2022. programme safely, on time and on budget and the beginning of production in the Guanabara
The Company maintained robust production bringing these wells onto production in short FPSO (Mero oilfield), in April 30, and continu-
and benefitted from a stronger realised oil price order. It is expected that the 4 low-angle wells ing ramp-up of the Carioca (Sépia oilfield) and
in Q2-2022, when compared to Q1-2022, lead- will be producing before this year ends, with P-68 (Berbigão and Sururu oilfields) FPSOs,
ing to a 25% increase in operating cash flow pre- each contributing to a meaningful increase in located in the Santos basin pre-salt.
tax and pre-hedging. In addition to continuing the daily production rate by the end of 2022. The Carioca FPSO reached an average pro-
the programme of recompletions and workovers Production is anticipated to continue to increase duction of 155,000 bpd of oil in the quarter and
which kept production stable, during June drill- into Q1-2023 subject to successful outcomes for P-68 reached full production capacity in June
ing operations commenced on the first well of the horizontal well and deeper well, the combi- 21, which allowed the unit to reach 152,000 bpd,
the planned six well campaign. nation of which is projected to underpin a mate- reaching an average production of 130,000 for
Q2-2022 Operational Highlights, Safely rial increase in operating cash flow for 2023, for the given period. These effects were expected
commenced the fully funded six well drilling which no hedging instruments are in place. and did not impact the 2022 production per-
campaign within the WD-5/6 onshore block: Trinity Exploration & Production, July 18 2022 spectives, of 2.6mn boepd, with a variation of
Currently drilling the first of four low angle wells, plus or minus 4%.
which will be followed by one horizontal and Petrobras reaches 97% Petrobras, July 21 2022
one deep appraisal well. This drilling campaign
is expected to lead to a meaningful increase in refinery utilisation GeoPark issues Q2-2022
production by the end of Q1-2023, when all six
wells are expected to be onstream. The Petrobras Refineries have reached an Utili- operational update
Stable production: Q2-2022 production vol- sation Factor (UTF) of 97% by the end of June.
umes averaged 3,093 bpd of oil (Q1-2022: 3,013 The information is highlighted in the Produc- GeoPark Ltd, a leading independent Latin
bpd of oil; Q2-2021: 3,047 bpd of oil). Q2-2022 tion and Sales Report for the second quarter of American oil and gas explorer, operator and con-
production sold averaged 3,019 bpd of oil (Q1- 2022, publicised by the company this Wednes- solidator today announces its operational update
2022: 2,929 bpd of oil; Q2-2021: 3,013 bpd of day, July 21. for the three-month period ended June 30, 2022.
oil). 9 recompletions (RCPs) (Q1-2022: 5) and The UFT level was attained after the conclu- Accelerating Production Growth: Consoli-
31 workovers (Q1-2022: 24) were completed sion of the programmed maintenance stops in dated oil and gas production up 14% to 38,940
during the period, with swabbing continuing the Henrique Lage Refinery (REVAP), in São boepd (up 2% vs Q1-2022). Production in
across the Onshore and West Coast assets. José dos Campos (SP), and the Duque de Caxias Colombia up 16% to 34,253 boepd (up 2% vs
Ongoing benefits from onshore automation: Refinery (REDUC), in Rio de Janeiro. Such per- Q1-2022). CPO-5 block (GeoPark non-op-
formance allowed for a greater diesel, gasoline erated, 30% WI) gross production up 77% to
and QAV yield in the quarter, thus taking advan- 20,300 boepd (up 34% vs Q1-2022). Tigana and
tage of favorable market conditions, respecting Jacana fields in the Llanos 34 block (GeoPark
the safety, environmental and quality require- operated, 45% WI) and Indico field in the CPO-5
ments, with a value generation focus. block, rank among the top 10 highest oil-pro-
The derivate sales volume in the second quar- ducing fields in Colombia. Ten rigs in operation
ter had an increase 1% regarding the first quar- in July 2022, increasing to 12-13 (including 8-9
ter and the volume of fuel production was 2,6% drilling rigs) in H2-2022. On track to reach 2022
higher compared to same period in the last year. full-year guidance of 38,500-40,500 boepd.

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