Page 11 - LatAmOil Week 16 2022

LatAmOil BRAZIL LatAmOil

The Transfer of Rights area encompasses the Búzios, Itapu, Atapu and Sépia oilfields (Image: Petrobras)
The NOC also said that it had given TotalEn- surplus volumes from the Sépia and Atapu fields
ergies EP Brasil, a subsidiary of TotalEnergies, within the framework of the Second Transfer of
more time to submit payment for its 22.5% stake Rights Surplus Production-Sharing Bidding
in Atapu. It stated that it did expect to receive Round.
the full amount due by the new deadline of The Atapu field came on stream in June
April 28, 2022, but did not reveal the exact size 2020, with upstream operations supported by
of the payment. The parties are scheduled to the floating production, storage and off-loading
sign a production-sharing agreement (PSA) and (FPSO) unit P-70. The vessel reached its full oil
co-participation agreement covering the Atapu production capacity of 150,000 barrels per day
field on April 29. (bpd) in June 2021 and can also treat 6mn cubic
Atapu is one of four offshore oilfields in the metres per day of natural or associated gas.
Santos basin that are part of the Transfer of The TOR area covers a 2,800-square km sec-
Rights (TOR) area; the other three are Búzios, tion of the Santos basin. It lies within the pre-salt
Itapu and Sépia. Last December, the Brazilian zone of Brazil’s offshore sector and may contain
government held a new round of auctions for up to 20bn barrels of crude oil. ™

ARGENTINA
Argentina grants TotalEnergies’ request

for 10-year extension of CMA-1 licence

ARGENTINA’S government has agreed to push and high costs involved in the exploitation of
the closing date of the exploration and pro- offshore oil and gas,” it stated.
duction concession granted to TotalEnergies The additional time will help the French
(France) and its partners for the Cuenca Marina major prolong upstream development oper-
Austral-1 (CMA-1) block back from 2031 to ations, it added. “The extension is expected to
2041. allow the continuation of the development of
Buenos Aires authorised the 10-year exten- investments in the area, in order to maintain
sion to the original 25-year concession in a a natural gas production flow of 20mn cubic
decree published in the Official Bulletin on April metres per day,” it said.
19. It said it had done so in response to TotalEn- The government also said in the decree that
ergies’ request for more time to address the chal- it had approved TotalEnergies’ $700mn invest-
lenges of the project. ment programme for CMA-1 between 2031 and
“The extension request made by the explo- 2041. Additionally, it reported that it had set the
ration concessionaires is based on the need to rate of royalty payments at 15% of production
have a longer time frame, given the complexity from the starting date of the 10-year extension.

Week 16 21•April•2022 www. NEWSBASE .com P11