Page 11 - LatAmOil Week 16 2022
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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.



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