Page 16 - LatAmOil Week 22 2022

LatAmOil NEWS IN BRIEF LatAmOil

Harbour to exit the Falklands. Navitas to fund all
of Rockhopper’s Phase 1 Sea Lion project costs
pre FID via 8% loan. Navitas to fund two-thirds
of Rockhopper’s Sea Lion Phase 1 project costs
from FID to one year after first oil, or project
completion if earlier, via interest free loan (for
any costs not met by third party debt financing).
Loans repaid from 85% of Rockhopper’s work-
ing interest share of Sea Lion Phase 1 project
cash flows. (Project costs exclude licence costs,
taxes, abandonment and decommissioning addition to providing information on price for- the firm period is approximately $70mn.
costs, including the Temporary Dock Facility, mation for the final consumer, allows the values Mons S. Aase, CEO, said: “I am very pleased
and contract termination costs incurred in con- to be filtered by the national average or by states, for these awards securing utilisation for our
nection with Harbour withdrawing.) considering state taxes and other local variables. personnel and our assets and adding important
Corporate and Financial: Administrative For years, the company has disclosed, on its backlog to the Group. It further strengthens our
expenses at lowest level since pre-Sea Lion dis- institutional website, the prices charged at its leading position in Brazil and confirms our long
covery – G&A $3.3mn. Cash of $4.8mn as at refineries and the average composition of the relationship with Petrobras.”
December 31, 2021. final price, a topic of great interest to the general DOF Group, May 30 2022
Outlook: Ombrina Mare Arbitration pro- public. In the past six months, this was the most
ceedings formally closed on April 25, 2022 accessed information on Petrobras’ website, with BW Offshore awarded
– seeking significant monetary damages. Tribu- nearly 1.5mn views.
nal has 120 days after closing to issue its Award, In November 2021, Petrobras had already limited notice to proceed
extendable by 60 days. Satisfaction of various launched a TV advertising campaign, in which
conditions precedent to the Navitas and Har- it informed the final consumer about the forma- for Shell’s Gato do Mato
bour transaction required for deal completion, tion of prices.
including various regulatory and other approvals The new virtual environment is yet another development in Brazil
required from the Falkland Islands Government. Petrobras action to keep the society informed
Navitas to assume operatorship of Sea Lion and about the sale prices of its products. BW Offshore is pleased to announce the award
strengthen operating capability. Lower upfront The company has also regularly provided of a limited notice to proceed (LNTP) by Shell
cost Sea Lion development to be worked up and clarifications to the regulatory, antitrust, execu- Brasil Petróleo Ltda (Shell) and its partners for
financing sought. FID targeted 2023/2024. tive, legislative, and judicial authorities. early-stage engineering and supplier reserva-
Keith Lough, Chairman of Rockhopper, Transparency and quality of the information tions for the supply of an FPSO for the Gato do
commented: “We are delighted to have signed provided are values practiced by Petrobras, and Mato oil and gas field offshore Brazil.
legally binding documentation allowing Har- acknowledged by the external public. The LNTP is valued up to $50mn. Upon
bour a clean exit and bringing Navitas into the Among the company’s recognitions, can be completion of the LNTP, Shell and its partners
Falklands. At current oil prices and with an cited the outstanding award among the win- target to award a lease and operate contract to
increased focus on security of supply, we believe ners of the Transparency Trophy granted by a consortium comprising BW Offshore and
a responsibly developed Sea Lion presents an the National Association of Finance, Adminis- Saipem, which will be jointly responsible for the
exceptional chance to create very significant tration and Accounting Executives (Anefac) to engineering, procurement, construction and
value for all stakeholders. companies with the best quality and transpar- installation (EPCI) of the FPSO with expected
“We look forward to working closely with ency in their financial statements. Furthermore, delivery in 2026. The award is subject to the par-
Navitas on a lower cost development and asso- last year, the Petrobras Transparency Portal ties finalising the commercial and pricing terms
ciated financing plan for the project. With the received the top score in the assessment made by of the contract in view of the current inflationary
Ombrina Mare arbitration result expected later the Comptroller General of the Union (CGU), supply chain market and a final investment deci-
in the year, we hope and believe that 2022 will be meeting 100% of the transparency requirements sion to proceed by Shell and its partners.
the start of a bright new chapter for Rockhopper.” set by the agency. The FPSO lease and operate contract will
Rockhopper Exploration, May 30 2022 Petrobras, June 1 2022 have a firm period of 18 years with seven years
of options.
“We have a clear strategy of developing and
POLICY PROJECTS & COMPANIES operating infrastructure type floating produc-
tion solutions with long-term contracts and
Petrobras launches new DOF awarded new investment grade counterparties. Gato do Mato
is a robust project meeting all our requirements,”
website about fuel prices contracts in Brazil said Marco Beenen, the CEO of BW Offshore.
“We will replicate the Barossa project model,
Petrobras, aiming to facilitate access to infor- DOF has announced that Petrobras has awarded bringing in equity partners, and take it one step
mation on fuel prices, launched today a new service contracts to Norskan Offshore Ltda. and further by partnering with Saipem for the EPCI
website where it presents in a didactic way and DOF Subsea Serviços Brasil Ltda. for the Skandi phase to add execution capacity and capabilities.
more user-friendly look the parts involved in Iguazu (AHTS 21 000 class) including ROV. The We are very pleased to team up with Saipem and
the formation of gasoline, diesel and cooking contracts will commence in the fourth quarter look forward to building a long-term relation-
gas (LPG) prices. of 2022 and have a duration of three years plus ship with Shell and its partners in Brazil.”
The new site (precos.petrobras.com.br), in two one-year options. Total contract value for BW Offshore, May 26 2022

P16 www. NEWSBASE .com Week 22 02•June•2022