Page 14 - LatAmOil Week 42 2022
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LatAmOil                                     NEWS IN BRIEF                                          LatAmOil










       INVESTMENT
       Petrobras confirms

       signing of Petros Plan

       Petrobras informs that today it has signed
       the Private Instrument of Confession of Debt
       that formalises its commitment to pay the
       extraordinary employer contributions of the
       Deficit Equalisation Plan - 2015 (PED 2015),
       implemented in 2017, with the Renegotiated
       and Non-Renegotiated Petros Pension Plans
       (PPSP-R and PPSP-NR).
         Payments of the extraordinary contribu-  barrel, and (iii) a fee on Trafigura’s share of total  expires in 2053 and has no pending investment
       tions were not previously made because of court  production to compensate Vista for all operat-  commitments.
       injunctions. The new Deficit Equalisation Plan  ing expenses, G&A expenses, midstream costs   Vista Oil & Gas, October 12 2022
       (New PED) was approved in 2020 and con-  within the block and well abandonment costs.
       sidered the refinancing of these uncollected   b) Vista remains operator of the block and
       contributions from the PED 2015 by charging  100% title holder of the Bajada del Palo Oeste  PERFORMANCE
       Petrobras and the participants of said plans.  concession. With respect to the pads included in
         The amount concerning Petrobras is  the Agreement, Vista: (i) retains its rights over   Trinity Exploration
       BRL1.1bn, with the payment of BRL229mn in  75% of the hydrocarbon production, (ii) bears
       October 2022, referring to the amounts not col-  75% of the capital expenditures, as well as the   announces Q3-2022
       lected in the period from July 2020 to December  corresponding royalties and direct taxes, and
       2021. The amount of BRL885mn, referring to the  (iii) bears all other costs, including operating and   operational update
       falling due installments, will be paid according to  midstream costs within the block.
       the payroll in counterpart to the collection of the   In conjunction with the Agreement, Vista  Trinity Exploration & Production has provided
       participants/assisted portion.      and Trafigura have extended by 12 months the  an update on operations for the three-month
         The effects of the deficit equalisation plans  previous crude oil sales and purchase agree-  period ended September 30, 2022.
       have already been recognised in the finan-  ment, pursuant to which Vista shall sell to Tra-  The Company maintained robust produc-
       cial statements of the years in which they were  figura 380,000 barrels of crude oil per month  tion in the Period, leading to a 25% increase
       implemented.                        during the first semester of 2023 and 345,000  in operating cash flow, before corporate taxes
       Petrobras, October 18 2022          barrels of crude oil per month during the sec-  and pre-hedging. The first two wells of the six-
                                           ond semester of 2023, at a purchase price to be  well, fully-funded onshore drilling campaign
       Vista Energy announces              agreed by the parties according to market price  were safely drilled, completed and brought
                                           and conditions.
                                                                                into production during the Period. These wells
       new joint venture with              free cash flow generation beyond the objectives  rate of approximately 113 bpd of oil. The third
                                              This Agreement allows Vista to increase its  commenced production at an initial aggregate
       Trafigura in Vaca Muerta            laid out by Vista in its 2022-2026 strategic plan,  well in the programme has subsequently been
                                           contributing to: (i) further reduce gross debt,  drilled successfully and is in the process of being
       Vista Energy has announced that its whol-  (ii) distribute capital to shareholders through  completed, with production anticipated to com-
       ly-owned subsidiary Vista Energy Argentina  share buy-backs or dividends, and (iii) acceler-  mence within the next two weeks.
       has established an un-incorporated joint venture  ate investment in Vaca Muerta, in particular in   Extended supply chain lead times for spe-
       and has entered into an investment agreement  midstream infrastructure projects, to generate  cialist drilling tools will result in a delay to the
       with Trafigura Argentina for the joint develop-  profitable growth driven by the export market.  Company’s planned horizontal well, which
       ment of 3 pads in Bajada del Palo Oeste.  Additionally, the Agreement allows the Com-  is now expected to be drilled in Q2-2023. The
         Under the terms of the Agreement, which is  pany to further consolidate its relationship with  Company has taken the decision to delay the
       effective as of October 1, 2022:    Trafigura as a strategic partner.    fourth conventional well in the programme,
         a) Trafigura (A) has a contractual right over   About Bajada del Palo Oeste: Bajada del Palo  which was scheduled to be drilled immediately
       25% of the hydrocarbon production of the pads  Oeste is Vista’s main shale oil development in  in advance of the horizontal well, to create oper-
       included in the Agreement, (B) bears 25% of the  Vaca Muerta. Full field development started in  ational synergies with the rig operations across
       capital expenditures, as well as the correspond-  the second half of 2018. Proved reserves were  these two wells. The Company is actively look-
       ing royalties and direct taxes, with respect to the  155.0mn barrels of oil equivalent (boe) as of  ing to drill the planned deep well, or additional
       pads included in the Agreement, and (C) will  December 31, 2021, and production was 29,729  conventional wells, in advance of the horizontal
       pay Vista: (i) $1,700,000 for each tied-in well  boe per day (boepd) during the second quarter  well, but any decision will be subject to matters
       (equivalent to $6,800,000 for a 4-well pad), (ii)  of 2022, having tied-in 47 new wells to such date.  outside of the Company’s control including reg-
       a fee, capped at $12.5 per barrel, over Trafigura’s  The Company has identified up to 550 new well  ulatory approvals and supply chain constraints.
       share of total production to compensate Vista  locations in Bajada del Palo Oeste. The block   The Company’s production guidance for
       for any improvements in international crude oil  has received from the Province of Neuquén an  2022 remains unchanged at 2,900-3,100 bpd of
       prices above $60 per barrel and up to $110 per  unconventional exploitation concession which  oil.



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