Page 8 - LatAmOil Week 39 2021
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LatAmOil                                       VENEZUEL A                                           LatAmOil

                         The US government has imposed sweeping
                         sanctions on Venezuela. As a result, bond
                         restructuring of any kind has not been possible.
                           The delinquent bonds for the Refidomsa
                         swap are priced at $80bn with interest, making
                         them one of the largest volumes of defaulted
                         obligations globally. They are the first substantial
                         evidence that Maduro’s government is prepared
                         to start moving the delinquent bonds, market
                         participants told Bloomberg.
                           The views of investors have “changed for
                         the better on the government’s willingness to
                         seriously negotiate with the opposition leaders
                         and to take the necessary steps to give the Biden
                         administration reasons to loosen sanctions,”   PdVSA completed the Refidomsa swap in August (Photo: Refidomsa)
                         Dean Tyler, head of global markets at Lon-
                         don-based BancTrust, said to the news agency.  49% in the facility, which was valued at around
                           “The Refidomsa swap helped to stimulate   $88mn. The transaction reportedly involved
                         demand, as it underscored Venezuela’s willing-  PdVSA and the governments of Venezuela
                         ness to engage,” he added.           and the Dominican Republic, as well as a fam-
                           The deal for the Refidomsa refinery, located   ily-based Dominican investment concern that
                         in the Dominican Republic, was completed   arranged to turn the stake over to the govern-
                         in August. It gave investors a stake of around   ment. ™

       Frontera sees Kawa-1 exploration

       well completed in December

                         CANADA’S Frontera Energy has said it expects
                         Kawa-1, an exploration well at the Corentyne
                         block offshore Guyana, to reach its planned
                         total depth of 6,685 metres in the first half of
                           In a statement dated September 24, Frontera
                         reported that work on the well was moving for-
                         ward on schedule.
                           Since the well was spudded on August 23,
                         downhole drilling operations have remained on
                         target and have proceeded “without any signifi-
                         cant incident,” it said.
                           As of September 23, it added, the well had
                         already reached its planned casing point at
                         a total depth of 9,900 feet (3,017.5 metres).
                         It noted that field crews had already run the
                         36-inch (914-mm) conductor, as well as the
                         22-inch (558.8-mm) and 18-inch (457.2-mm)
                         casing strings, and have also succeeded in run-
                         ning and cementing an 18-inch casing string,
                         the third of five planned for the well. As such,   Kawa-1 is in the northern section of the Corentyne block (Image: Frontera Energy)
                         it said, the crews have moved on to drilling the
                         next section of the hole beyond the last casing   in on depth,” it commented in the statement.
                         point.                               “The joint venture is looking forward to drilling
                           Frontera did not reveal whether it had   and evaluating the upcoming well sections and
                         encountered any hydrocarbon shows so far in   maintaining safe and efficient operations.”
                         Kawa-1. “The well results thus far are consist-  Kawa-1 is being drilled at a site that is around
                         ent with our pre-drill geological and geophys-  200 km from the shore and in 355-metre-deep
                         ical expectations, and formations are coming   water.

       P8                                       www. NEWSBASE .com                      Week 39   30•September•2021
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