Page 17 - LatAmOil Week 02 2023

LatAmOil NEWS IN BRIEF LatAmOil

Colombia Development, Moqueta Develop-
ment Campaign: Testing began on the first
Moqueta well which was spud on November 28,
2022. From December 23, 2022, to January 9,
2022, the Moqueta-24 well has been producing
on a jet pump at a stable average rate of 1,312 bpd
of oil (28 degrees API specific gravity) and 193
bpd of water with a gas-oil ratio of 170 cubic feet
per stock tank barrel.
On January 3, 2023, the Company spud its
second development well in the Moqueta field.
This well is expected to reach its planned total
depth by mid-January 2023.
Acordionero Development: Waterflood suc-
cess at Acordionero resulted in December 2022
total Company average production for this field
of approximately 17,800 bpd of oil, the highest
level since the second quarter of 2019.
Water injection at Acordionero reached
a new record of over 60,000 bpd of water in
December 2022. OGMP brings together more than 80 industry organisations committed to improving air qual-
Suroriente Development: As a result of the companies, coordinated by the United Nations ity and protecting the climate through actions to
successful increase in water injection, expansion Environment Programme (UNEP) and the Cli- reduce greenhouse gas emissions.
of facilities, and minimal disruptions, the Sur- mate and Clean Air Coalition (CCAC) – a global Petrobras, 06 January 2023
oriente Block produced an average of 8,700 bpd voluntary organisation for reducing greenhouse
of oil gross (4,500 bpd of oil WI) in the fourth gas emissions.
quarter of 2022, the highest level since the sec- The mitigation of methane greenhouse gas PROJECTS & COMPANIES
ond quarter of 2015 despite not drilling a well emissions is a commitment of Petrobras and has
since the first quarter of 2018. great relevance for the agenda to fight against cli- CGG commences Foz do
Shareholder Returns, Share Buybacks: Pursu- mate change. Thus, the OGMP’s support reflects
ant to Gran Tierra’s current normal course issuer the value of transparency and the importance Amazonas 3D seismic
bid, Gran Tierra purchased approximately 23mn that Petrobras attaches to the measurement of
shares during 2022, representing about 6.2% of emissions, in addition to contributing to achieve reimaging project
shares outstanding as of June 30, 2022. the consolidation of the 55% reduction in the
Debt Repayment: As part of Gran Tierra’s intensity of methane emissions in the upstream CGG has announced the start of a new Foz do
focus on significant debt reduction, the Com- by 2025. Amazonas 3D seismic reimaging project, aimed
pany reduced its total debt by $87.6mn in 2022 The Petrobras’ action also contributes to at supporting Brazil’s Permanent Offer initiative
and by a further $122.5mn in 2021, for a reduc- the Brazilian position on the Global Methane in the Equatorial Margin. The project, supported
tion of total debt of $210.1mn over the past two Pledge (GMP), which foresees a 30% reduction by industry funding, is expected to complete by
fiscal years. in methane emissions by 2030 (based on 2020). the end of 2023, with fast-track products availa-
Gran Tierra Energy, 09 January 2023 At the same time, the company participates in ble by June.
other initiatives such as Aiming for Zero Meth- The reimaging project will merge over 7,700
ane Emissions from the Oil and Gas Climate square km of existing public 3D seismic data in
POLICY Initiative (OGCI), in which it is a signatory and the Foz do Amazonas basin. The area has a rich
in the development of the global flaring moni- network of turbiditic fans and channels made
Petrobras supports toring panel, available on the web platform by attractive by its geologic proximity to Guyana
the GGFR (Global Gas Flaring Reduction Part-
and Suriname and the recent success stories
UN initiative focused nership) fund. along the South Atlantic conjugate margins of
International organisations coordinating the West Africa.
on reducing methane OGMP: UNEP is an organisation associated Data, said: “The Foz do Amazonas 3D reimaging
Dechun Lin, executive vice president of Earth
with the United Nations (UN) that is responsi-
emissions ble for defining the global environmental agenda project will benefit from our in-depth knowledge
and promoting the implementation of initiatives of the Equatorial Margin and further expand our
Petrobras has taken another important step for sustainable development. Its mission is to 3D data library offshore Brazil, which is already
towards a low-carbon future: It has signed an lead and encourage partnerships in the preser- the most comprehensive in the industry. By
agreement with the Oil & Gas Methane Partner- vation of the environment, inspiring, informing applying our unmatched imaging technology,
ship 2.0 (OGMP), a global initiative coordinated and allowing nations and peoples to improve such as our exclusive time-lag FWI, our experts
by the UN dedicated to the quantification and their quality of life without compromising future in our Rio Subsurface Imaging center will deliver
management of methane emissions, focusing generations. ultramodern high-resolution images for a better
on climate change mitigation. Recognised as CCAC is a voluntary partnership of govern- understanding of the untapped potential of the
the industry’s most relevant in transparency ments, intergovernmental organisations, com- vastly underexplored Equatorial Margin.”
and credibility in providing emissions data, the panies, scientific institutions, and civil society CGG, 09 January 2023

Week 02 11•January•2023 www. NEWSBASE .com P17