LatAmNRG Prospector Week 16 2019

LATAMNRG PROSPECTOR VOL 16 2019

Petrobras Increases Diesel Price

Lee: Dragon Gas Deal Dead

EP PetroEcuador Says 11 Fields Generated $6.2 Billion In 2018xxxxx

Talos Energy Provides Update On Zama-2 STI Well Offshore Mexico

ExxonMobil Announces 13th Discovery Offshore Guyana

Petrobras Confirms Extension Of Accumulation In Moita Bonita Area

ENERGY ANALYTICS INSTITUTE | LATAMNRG PROSPECTOR | HOUSTON • CARACAS

Energy Analytics Institute’s weekly LatAmNRG prospector and select highlights from the week. Read the full stories online 24/7 at www.energy-analytics-institute.org

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ARGENTINA Argentina Awards YPF Exploration Permit For Offshore E-1 Area (Energy Analytics Institute, Pietro D. Pitts, 16.Apr.2019) — Argentina awarded state oil and gas producer YPF with an exploration permit for the E-1 area spanning 15,000 square kilometers offshore Argentina.

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YPF will have a 100% stake in the area, which was previously administered under an exploration and exploitation association agreement between YPF, Petrobras Argentina and Petrouruguay, specialized website EconoJournal reported April 16, citing documents from the Argentine government and more specifically Resolution 196/2019.

The exploration deal is broken into two periods or phases of four years, with possibility for extension for another five years as well as possibility to obtain rights to the exploitation concession for the area.

In the first phase, YPF will undertake 3D seismic studies over a 1,500 square kilometer area and 2D seismic studies over a 2,169 square kilometer area. In the second phase, the company will drill an exploratory well to a targeted depth of 1,500 meters.

Additionally, Argentina’s government also announced that YPF, Enap Sipetrol and Pampa Energía (also the former Enarsa), transformed to the state rights to the offshore areas E-1, E-2, Salmón and Calamar, EconoJournal said, citing on this occasion Resolution 195/2019.

The areas were reverted and transferred to the national government after the companies failed to solicit plans to renew the rights, the media said.

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TGS Plans Investments Of $330 Million In 2019 (Energy Analytics Institute, Aaron Simonsky, 15.Apr.2019) — Transportadora Gas del Sur (TGS) plans investments in Argentina of approximately $330 million in 2019 on services to transport natural gas, production and commercialization of liquid gas, as well as telecommunications activities related to the company’s business efforts in the Vaca Muerta formation, online media Info Energia reported April 15.

Argentina Selects Claudia Mundo To Head Up IEASA (Energy Analytics Institute, Aaron Simonsky, 11.Apr.2019) — Argentina’s Energy Secretariat announced that Claudia Mundo has named as the new president of Integración Energética Argentina S.A. (IEASA, former ENARSA) to replace Mario Del’Aqua, the agency announced April 11 in an official statement on its website.

The secretariat also announced that Alejandro Fontán Balestra will serve as Mundo’s vice president, replacing Luis Pintos.

Exxon Mobil Wins Three Exploration Blocks Offshore Argentina (Reuters, 16.Apr.2019) — U.S. oil major Exxon Mobil Corp said its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina.

The three blocks will add about 2.6 million net acres to Exxon’s existing holdings in Argentina, the company said.

The blocks are located in the Malvinas basin, about 200 miles (320 kms) offshore Tierra del Fuego.

Wintershall Expands Portfolio In Argentina (WorldOil, 17.Apr.2019) — Wintershall won the bidding process for two blocks in the promising Malvinas Basin off

the coast of Tierra del Fuego as part of the “Costa Afuera” licensing round. In addition to the CMA-1 exploitation concession, with this award, the company will participate in further offshore exploration projects in Argentina. The exploration licenses are located approximately 186.4 mi (300 km) off the southeast coast of Argentina. Wintershall will hold a 27% interest in the licenses MLO-114 and MLO119. The British-Irish company Tullow is the operator, while the Argentine company Pluspetrol is another partner. The official license award by the authorities is expected in May.

Majors Step Up To Bid On Argentina Offshore Acreage (WorldOil, 17.Apr.2019) — Argentina’s first national offshore licensing round was held yesterday, April 16, 2019, in Buenos Aires. Of the 38 blocks offered in an open bid round, 18 were licensed.

The round attracted bids from 13 companies, with the winning bids totaling $718.28 million. All Majors participated in the bidding, aside from Chevron.

The acreage is located in the Austral Marine, Western Malvinas and Argentina basins.

BRAZIL Petrobras Reports Resignation Of Member Of Board Member Antunes (Petrobras, 18.Apr.2019) — Petrobras reports that Board member Jerônimo Antunes submitted his resignation from the Board of Directors of the company, as well as from the Board’s Committees in which he participated, due to personal reasons.

The company awaits the controlling shareholder to appoint the new member, who will be subject to internal corporate governance procedures, including compliance and integrity analysis required for the succession process of the company.

ENERGY ANALYTICS INSTITUTE | LATAMNRG PROSPECTOR | HOUSTON • CARACAS

Petrobras Confirms Extension Of Accumulation In Moita Bonita Area

The price established by Petrobras represents, on average, 54% of the diesel price at service stations. The average diesel price to consumers in Brazil is 13% lower than the global average, with 105 countries with prices higher than ours, according to globalfuelprices.com.

(Petrobras, 18.Apr.2019) — Petrobras announces that it has completed the drilling of the well 3-SES-192 (Petrobras nomenclature) / 3-BRSA-1367-SES (ANP nomenclature)l in the area known as Moita Bonita, located in the BM-SEAL-4 concession, 80 km from the city of Aracaju, at a water depth of 2,629 meters.

The adjustment took into account the protection mechanisms, through the financial derivatives, and the variations of the other items that make up the Import Parity Price (PPI), especially the recent reduction of maritime freight.

Petrobras reaffirms the strict observance of the alignment of its prices with international parity.

Petrobras Informs About Studies Of Caixa Econômica Federal To Sell Its Shares

The results of the drilling of the well 3-SES-192 confirmed the extension of the gas accumulation discovered, with a total thickness of 39 meters, in a reservoir located at a depth of 5,227 meters. This well also showed an oil discovery in a deeper reservoir, with a total thickness of 24 meters. This is the fifth extension well in the Moita Bonita area, whose discovery was reported in August 2012.

(Petrobras, 17.Apr.2019) — Petrobras says it has received correspondence from Caixa Econômica Federal informing that it is studying the possibility of selling shares that they hold issued by Petrobras, having formed a syndicate of financial and legal advisors to evaluate viable alternatives, with the possibility of holding a secondary public offering of shares (follow on) registered in Brazil and the United States.

Accordingly, Caixa requests the cooperation of the company, its executives and advisors, so that the information and documents required for the study under preparation are available, pursuant to the applicable Securities and Exchange Commission regulations.

Petrobras is the consortium operator (75%), in partnership with ONGC (25%), and will continue the operational activities to evaluate the well, including conducting a formation test.

Petrobras Increases Diesel Price (Petrobras, 17.Apr.2019) — Petrobras has decided to increase the diesel price by R$ 0.10/liter, which implies a minimum variation of 4.518% and a maximum of 5.147% in its 35 points of sale in Brazil. This increase will be effective as of tomorrow, 04/18/19.

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Toyota To Build Corolla In Brazil That Will Run On Electricity, Ethanol And Gas (Reuters, 17.Apr.2019) — Japan’s Toyota Motor Corp said on it will begin building in Brazil a new version of the Corolla sedan that will run on electricity, ethanol and gas, the first vehicle of its kind to be built in Latin America.

Brazil Sets October Oil Auction Signing Bonus Of $26.9 Bln – Minister (Reuters, 17.Apr.2019 — Brazil’s government will require a signing bonus of 106 billion reais ($26.9 billion) in an Oct. 28 auction of excess oil from the so-called transferof-rights area in the pre-salt fields, Economy Minister Paulo Guedes said.

Companies bidding would also have to compensate staterun oil company Petrobras for investments that Petrobras already made in the blocks. The auction comes after the settlement of a long-running dispute between Petrobras and the Brazilian government about one of the world’s most promising offshore oil areas.

Shell Awards Contract To Halliburton For Offshore Project In Brazil (Chron.com, Sergio Chapa, 17.Apr.2019) — Royal Dutch Shell has awarded a three-year contract to Houston oilfield service company Halliburton to explore and develop two projects off the coast of Brazil.

The projects are located in Brazil’s Campos and Santos Basins. The Campos Basin is 90 miles off the coast of the State of Campos while the Santos Basin is about 140 miles southeast of Sao Paulo.

Under the contract, Halliburton will provide drilling service. The deal includes an option for a two-year extension.

CHILE Czech Group Solek Start Work On 16.6 MWp Of PV Plants (Renewables Now, 19.Apr.2019) — Czech solar developer Solek Group announced itas started construction of three solar parks in Chile with a combined capacity of 16.64 MWp direct current (DC).

More specifically, the European company is building the 2.99-MWp Villa Seca and the 10.66-MWp Santa Fe farms in the Maule region, and the 2.99-MWp Los Paltos plant in Valparaiso.

ECUADOR EP PetroEcuador Says Sacha Field Producing 70 Mb/d (Energy Analytics Institute, Piero Stewart, 18.Apr.2019) — Crude oil production from Ecuador’s Sacha Field, operated

by PetroAmazonas and located in the province of Orellana in Block 60, reached 70,021 barrels per day on 17 April 2019, EP PetroEcuador announced in an official statement on its website. This compares to average production of 66,473 barrels per day in 2018.

The increased production was due to investments in drilling, reconditioning and secondary recovery activities

by Petroamazonas EP, which has operated the field since August 2016. Petroamazonas’ plans for 2019 include drilling 10 additional wells, four classified as “re-entry” and six classified as new.

“The average drilling and completion cost for new wells in the Sacha field is $3.5 million, representing a saving of $2.8 million compared to previous years,” Petroamazonas General Manager Álex Galárraga said in the statement.

“Re-entry” wells had an average cost of $2.7 million, he said.

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Sacha is considered one of the most important productive oil fields in Ecuador and its reserves are estimated at 350 million barrels of oil. Activities at the field in 2018 generated revenues of $1,370 million, according to PetroEcuador.

Petroamazonas currently produces around 425,000 barrels of oil equivalents per day, with an average total cost, as of March 2019, of $17.89 per barrel.

EP PetroEcuador Says 11 Fields Generated $6.2 Billion In 2018 (Energy Analytics Institute, Piero Stewart, 18.Apr.2019) — EP PetroEcuador announced that production of 400,974 barrels per day (b/d) in 2018 from 11 fields generated revenues of $6,199 million, the company said in an official statement on its website.

In terms of production, the top three fields were Shushufindi (69,369 b/d), Sacha (66,473 b/d), and Auca (63,438 b/d), while in terms of revenues Sacha ($1,370 million), Shushufindi ($1,185 million) and then Auca $686 million (see table).

GUYANA ExxonMobil Announces 13th Discovery Offshore Guyana (ExxonMobil, 18.Apr.2019) — ExxonMobil said it made a new oil discovery offshore Guyana at the Yellowtail-1 well, marking the 13th discovery on the Stabroek Block.

The discovery adds to the previously announced estimated recoverable resource of approximately 5.5 billion oil-equivalent barrels on the Stabroek Block.

Yellowtail-1 is the fifth discovery in the Turbot area, which ExxonMobil expects to become a major development hub.

— Oil discovery at Yellowtail-1 well is fifth discovery in Turbot area — Turbot area expected to become major development hub — Adds to previously estimated 5.5 billion barrels of discovered recoverable resource “Similar to the Liza area, successive discoveries in the Turbot area ave continuously grown its shared value,” said Mike Cousins, senior vice president of ExxonMobil Exploration and New Ventures. “Our success here can be attributed to our industry-leading upstream capabilities, the strength of our partnerships and our ongoing commitment to growing Guyana’s offshore potential.”

Yellowtail-1 encountered approximately 292 feet (89 meters) of high-quality oil bearing sandstone reservoir and was drilled to a depth of 18,445 feet (5,622 meters) in 6,046 feet (1,843 meters) of water. The well is located approximately 6 miles (10 kilometers) northwest of the Tilapia discovery. The Noble Tom Madden began drilling the Yellowtail well on March 27. It will next drill the Hammerhead-2 well.

Exploration and development activities continue at other locations on the Stabroek Block. The Stena Carron is currently completing a well test at the Longtail-1 discovery and upon completion will next drill the Hammerhead-3 well. Later in 2019, the Stena Carron will drill a second well at the Ranger discovery. The Noble Bob Douglas drillship is currently completing development

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drilling operations for the Liza Phase 1 development.

ExxonMobil is also evaluating plans to add another exploration drillship, bringing the number of drillships offshore Guyana to four.

MEXICO

ExxonMobil has previously said there is potential for at least five floating production, storage and offloading (FPSO) vessels on the Stabroek Block producing more than 750,000 barrels of oil per day by 2025. Startup of the Liza Phase 1 development is on track to begin by the first quarter of 2020 and will produce up to 120,000 barrels of oil per day utilizing the Liza Destiny FPSO, which is expected to arrive in country in the third quarter.

Premier Highlights Successful Well Test Of The Zama Discovery

Liza Phase 2 is expected to startup by mid-2022. A final investment decision is expected soon subject to government and regulatory approvals. Upon approval, the project plans to use the Liza Unity FPSO to produce up to 220,000 barrels per day. Sanctioning of a third development, Payara, is also expected in 2019, with startup projected for 2023.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.

JAMAICA Wigton Has Saved Jamaica $54 Million In Oil Imports (JIS News, Serena Grant, 15.Apr.2019) — Minister of Science, Energy and Technology, Hon. Fayval Williams, says that Wigton Windfarm Limited has saved the Government expenditure of over US$54 million in oil imports.

The production of clean energy from the facility has enabled the country to avoid the purchase of 800,000 barrels of oil, and the emission of one million tons of carbon dioxide, thereby reducing the country’s carbon footprint.

(Premier, 16.Apr.2019) — Premier notes the press release

by Talos Energy, the operator of Block 7 offshore Mexico, announcing the successful drill stem test (DST) of the Zama-2 side track well (Zama-2ST1). This follows the successful Zama-2 appraisal well which completed in January.

DST operations were successfully conducted on Zama2ST1 and a combined oil flow rate of 7,426 bopd was achieved from two separate flow tests over a total perforated interval of 248 feet. As planned, rates were restricted due to limited drawdown to prevent sand production. Flow and pressure measurements indicate a prolific reservoir.

The Zama-2ST1 logged 873 feet of gross oil bearing reservoir with a net-to-gross ratio of c. 70%, in line with expectations. In addition, 714 feet of whole core was cut with 98% recovery.

The rig will now move to drill the third and final Block 7 appraisal well (Zama-3) to confirm lateral reservoir continuity and quality in the southern part of the field.

The programme remains ahead of schedule and under budget.

Tony Durrant, Chief Executive, commented: “e are very pleased by the productivity demonstrated by this well and we continue to collect further evidence that Zama has a world-class reservoir with excellent quality and wellconnected sands. This has positive implications for the expected ultimate recovery from the field and will help us to optimise the field development. We look forward to the conclusion of the Block 7 appraisal programme with the Zama-3 well.”

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Talos Energy Provides Update On Zama-2 STI Well Offshore Mexico (Talos, 15.Apr.2019) — Talos Energy Inc. provided an additional update on the Zama appraisal program in Block 7, located in the offshore portion of Mexico’s prolific Sureste Basin. Talos is the operator of Block 7 in a consortium with its partners Sierra Oil & Gas, a company of DEA Deutsche Erdoel AG, and Premier Oil Plc.

the longest whole core acquired in a single well in the history of offshore Mexico.

— The well was cased and perforated totaling 248 gross feet of perforated section with varying rock properties.

Hydrocarbon flow was established without stimulation in two separate flow tests and achieved a combined rate of 7,900 barrels of oil equivalent per day (Boe/d), of which 94% was oil with API gravity ranging from 26-30 degrees, and 6% was gas. The flow rate was restricted with limited pressure drawdown and each zone was shut-in for an extended period to establish a significant radius of investigation for each test, and neither gave any indication of depletion or significant barriers within the reservoir.

— The operation to sidetrack from the Zama-2 location, drill, core and reach total depth (TD) of 11,643 feet (3,549 meters) of measured depth (MD) was completed approximately 9 days ahead of schedule and 16% below budget. The well test operation was completed approximately 5 days ahead of schedule and more than 30% below budget. Operations were safely coordinated and executed with the assistance of several local contractors, including the Mexican-flagged floating storage and production vessel utilized in the flow test.

Eco III: Mexican-flagged floating storage and production vessel utilized in the flow test.

The Zama-2 ST1 appraisal well is the second of three appraisal penetrations drilled by the Consortium to better define the resource potential of the Zama discovery.

Building upon the success of the first appraisal penetration (Zama-2), the goals of the Zama-2 ST1 well were to test the northern limits of the reservoir, acquire a whole core to collect detailed rock properties, and perform a well test in several perforated intervals. The Zama-2 ST1 well was drilled 589 feet (180 meters) updip of the Zama-2 well and approximately 1.4 miles (2.1 kilometers) north of Zama-1 exploration well, and generated the following results: — The well logged 873 feet (266 meters) of gross true vertical depth (TVD) pay, within expectations for the northern extension of the Zama discovery and confirming a consistent net-to-gross ratio range of 68%-73% through multiple penetrations. Talos also captured an unprecedented 714 feet of whole core with 98% recovery,

Talos President and Chief Executive Officer Timothy S. Duncan commented: “The Zama-2 ST1 operation was another success for the Consortium. With each stage of the appraisal program, our experience and understanding has continued to strengthen in the region, and this is evident in our operational performance. The coring operation allowed us to gather important rock samples, which indicate excellent rock properties with similarities to world-class reservoirs in the United States Gulf of Mexico. The production rate of 7,900 Boe/d from two zones in a very simple rate-restricted test over only a portion of the total pay column confirmed our expectations that the Zama wells will provide exceptional productivity. The tests also confirmed our geologic model of well-connected reservoirs, which should allow for a high ultimate oil recovery. Given the water depth of approximately 550 feet (168 meters), we believe that a combination of fixed platforms, dry trees and short-cycle development wells will maximize both capital efficiency and optionality with regard to how many total wells and completions per well will be necessary to maximize recovery. Also, given the deliverability of the perforated intervals demonstrated in the flow test, we believe a peak

ENERGY ANALYTICS INSTITUTE | LATAMNRG PROSPECTOR | HOUSTON • CARACAS

production rate between 150,000 – 175,000 Boe/d is achievable.”

operations to focus on conventional oil and gas in the US Gulf of Mexico and Australia.

In the next stage of the appraisal program, the Zama-3 appraisal well will be drilled to the south of the original Zama-1 exploration well and will assist in delineating the reservoir continuity and quality in the southern part of the field. The Zama-3 appraisal operation includes collecting an additional core to better understand the reservoir geology.

Oil and gas holdings also include properties in Trinidad and Tobago, Algeria, and UK.

Duncan added: “We will now move to the southern end of the discovery with the Zama-3 appraisal well to continue to collect data before concluding appraisal operations.

Concurrently, we are working with Petróleos Mexicanos (Pemex) on unitization prior to submitting a development plan to the regulator. Our goal is to reach final investment decision (FID) and first production as soon as possible.

With the continued focus of the Talos operating team, our partners, and local workforce, Zama will be an impactful asset for the company and the Mexican economy, and we are proud to play a key role in its development.”

BHP Encounters Hydrocarbons In Latest T&T Deepwater Well

Indian Refiners Turn To OPEC, Mexico, U.S. To Make Up Iran Oil Gap (Reuters, 18.Apr.2019) — All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from other producers, officials from the companies told Reuters.

Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the United States to make up for any loss of Iranian oil if the U.S. enforces sanctions more harshly from next month, sources and company officials said.

BHP Petroleum Plans More Appraisal Drilling Off Mexico (OGJ, Paula Dittrick, 17.Apr.2019) — BHP Petroleum plans additional appraisal drilling on Trion block offshore Mexico during this year’s second half, the company said in an operational update. Previously, BHP sold its US shale

TRINIDAD (T&T Energy Chamber, 17.Apr.2019) — BHP has announced that it has found hydrocarbons in its latest deepwater well in Trinidad & Tobago’s deepwater block 23(a). The Bélé-1 well is the first of a three well programme to test prospects around the Bongos discovery, made in 2018.

The well is being drilled by the Deepwater Invictus rig and was spud on 2 March 2019 in 2,102 meters water depth.

The total planned well depth is 3,693 meters. The 31st March BHP operational review noted that drilling was still in progress.

After completing the Bélé-1 well the Deepwater Invictus is expected to move on to the planned Tuk and High Hat wells.

BHP holds a 70% share in block 23 (a) with bp holding the remaining 30%.

Lee: Dragon Gas Deal Dead (Trinidad and Tobago Newsday, Yvonne Webb, 19.Apr.2019) — Deputy political leader of the United National Congress, Pointe-a-Pierre MP David Lee, has said the Dragon gas deal between TT and Venezuela is dead and not just at a “standstill,” as claimed by Energy Minister Franklin Khan.

Lee said it is now time for Government to end the charade and admit to the people of this country that the deal it boasted about was nothing more than political public relations.

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Trinidad PM Rowley: Pray For Oil (Trinidad and Tobago News Day, Sean Douglas, 17.Apr.2019) — The Prime Minister has publicly implored prayerful citizens to pray for new deposits of oil to be found in exploratory drilling 80 miles off Trinidad’s east coast.

“Our future will be very bright if we are successful,” Dr Rowley told a meeting of the People’s National Movement at Barataria South Secondary School on Tuesday.

VENEZUELA Exclusive: Venezuela Skirts U.S. Sanctions By Funneling Oil Sales Via Russia (Reuters, Marianna Parraga, 18.Apr.2019) — President Nicolas Maduro is funneling cashflow from Venezuelan oil sales through Russian state energy giant Rosneft as he seeks to evade U.S. sanctions designed to oust him from power, according to sources and documents reviewed by Reuters.

The sales are the latest sign of the growing dependence of Venezuela’s cash-strapped government on Russia as the United States tightens a financial noose around Maduro, who it describes as a dictator.

With its economy reeling from years of recession and a sharp decline in oil production, Venezuela was already struggling to finance imports and government spending before Washington imposed tough restrictions on state oil company PDVSA in January.

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ANNEX

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