Page 16 - LatAmOil Week 22 2022
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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



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