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PES International News AUSTRALIA Tamboran Resources has acquired all of the shares in Sweetpea Petroleum, 100% owner and operator of EP 136, EP 143 and EP(A) 197 in the Northern Territory. In return, Sweetpea’s parent company – Longview Petroleum – will receive a 29.95% equity in Tamboran. The deal, which is expected to close in early 2021, will enable Tamboran to significantly expand its footprint in the Beetaloo Sub-basin (McArthur Basin). EP 136 is adjacent to EP 161, where Santos (in partnership with Tamboran) plans to drill horizontal wells Tanumbirini 2H and 3H in 2021 to further assess the potential of the Middle Velkerri Formation. Both EP 143 and EP(A) 197 lie to the west of Origin’s EP 117, where a hydraulic fracture stimulation programme has commenced on the Kyalla 117 N2-1H well. In a separate transaction, Tamboran has secured AUD 10 million (USD 7.5 million) in private placement equity funding from US and European institutional investors. BRAZIL PetroRio has signed to take over BP’s interest and operatorship of the Wahoo and Itaipu pre-salt fields in the deepwater Campos Basin. Under the terms, PetroRio will assume a 35.714% operated stake in BM-C30, covering 276 sq km and containing the Wahoo field, with the remaining interest split between IBV (35.714%), Occidental (8.572%) and Total (20%). The Brazilian company will have a 60% operated stake in Itaipu, which is located in BM-C32, covering 123 sq km along with partners Occidental (13%) and Total (27%). Consideration for the deal will be USD 100 million, plus another USD 40 million contingent upon unitisation or first oil from Itaipu. Wahoo was discovered in 2008 by former operator Anadarko, encountering 30° API 42 PESGB January/February 2021
oil in pre-salt Aptian carbonates at depths of 5,000-7,000 m. Initial plans for its development call for four producers, two injectors and a subsea manifold to be tied back to the Frade field infrastructure, situated 30-35 km to the south. PetroRio estimates capex in the region of USD 800 million, with first production volumes to exceed 10,000 b/d, then ramp up to 40,000 b/d. Itaipu was discovered in 2009 some 9 km north of Wahoo. Preliminary assessments indicate the accumulation is potentially shared with the southeast portion of the Whales cluster, possibly requiring a unitisation agreement before development plans are finalised. The preliminary results of the 2nd ANP Open Door Bid Round were announced in early December, with the provisional award of 17 blocks out of 327 that were on offer, plus the award of one marginal field area. This is a decrease from the 45 blocks (out of 287 on offer) that were granted in the 1st Open Door Bid Round. In total, 33 exploration blocks and 12 mature fields in five basins received winning bids from 12 groups. The blocks cover 19,818 sq km, with USD 10.8 million in signature bonuses and work commitments valued at around USD 29.8 million. Shell won the only offshore block – C-M-757 in the deepwater Campos Basin. Onshore, Imetame and Eneva emerged as the leading bidders, respectively winning seven blocks each, the former in the Espirito Santo Basin and the latter in the Amazonas and Parana basins. PetroReconcavo and Petroborn won a block each in the Potiguar and Tucano Sul basins, respectively. Finally, Eneva was awarded the 331-sq km Jurua marginal area in the Solimoes Basin. CHINA On 25 November 2020, CNOOC began gas production from the
Dongfang 13-2 field, located in the western South China Sea’s Yinggehai Basin, around 132 km west of the city of Dongfang (Hainan province). The project consists of a central platform, a wellhead platform and an auxiliary platform at the Dongfang 1-1 field (on stream since 2003, with an expansion in 2015). Gas and condensate production is expected to reach 43,400 boe/d from a total of 27 wells and exported to the mainland by pipeline via the Dongfang 1-1 field. Dongfang 13-2 was discovered in April 2012 with the DF 13-2-1 wildcat and appraised through subsequent wells, with gas in-place reserves estimated at 2.4 Tcf as of 2019. CNOOC fully owns and operates the field. The company expects production to reach 505 - 515 MMboe in 2020, after adjusting its capital investment down to RMB 75 - 85 billion (USD 10.6 - 12 billion) from RMB 85 - 95 billion (USD 12 - 13.4 billion) in response to the global market conditions. GABON Vaalco has secured an agreement to purchase partner Sasol’s portfolio in the country in an all-cash transaction valued at USD 44 million, with future contingent payments of up to USD 6 million. Under the terms, the former will take over the latter’s 27.8% working interest in the Etame, Ebouri and Avouma development areas, which were carved out from the Etame Marin permit. The development areas contain five oil fields which produced an average of 18,000 b/d in the first nine months of 2020. Vaalco, which already operates the encompassing Etame Marin permit, will raise its interest to 58.8% and reports that the new equity will nearly double its net production from 4,850 b/d to 9,150 b/d. The company estimates the block to contain 116 MMbbl of oil resources and is planning to assess further
