Exclusives

GeoPark, Latin America, oil, gas, assets

As GeoPark Ltd. looks to grow its production, the extent of which depends on oil price, the Latin America-focused independent also wants to expand its portfolio.

Construction of Blue Ocean Drilling’s jackup units is underway at China’s Shanghai Waigaoqiao Shipbuilding yard. (Source: Blue Ocean Drilling)

Blue Ocean Drilling is set to make its market splashdown in 2016 with new rigs and new approach.

Major concerns for the region include development of unconventionals and large-scale hydro systems.

As oil production declines, Trinidad and Tobago is offering nine blocks to bidders.

The successful search for shale resources has remade the energy markets of the U.S. and Canada--now it’s remaking Mexico's as well.

Exploration

As part of the agreement, Touchstone will acquire a 100% working interest in five blocks located in the Southern Basin of the Republic of Trinidad and Tobago. The blocks— Fyzabad-2, WD-2, WD-5/6, WD-13 and WD-14—have an estimated average field production of about 1,490 barrels of oil per day, the release said.

Range announced that hydrocarbon sands and oil shows were encountered at the Upper Cruse channel sand complex during drilling of the well, with electric log interpretation confirming the presence of recoverable hydrocarbons with an estimated net pay of 48 ft.

The campaign will map the seafloor to interpret, identify, sample and analyze potential hydrocarbon seeps, Fugro said in a news release.

The Kronos-1 well, jointly owned with Anadarko, discovered hydrocarbons at 3,720m at the well in the Fuerte Sur Block, Reuters said. Colombia is Latin America’s fourth-biggest oil producer.

Board estimates the deal’s total value at about US$750 million. Transaction is scheduled to close within one week. West Polaris is a sixth-generation ultradeepwater drillship contracted to ExxonMobil in Angola.

Production

Under relaxed trading embargo with U.S., Cuba can now use products made with 25% U.S. components. Cuban officials say at least one deepwater rig meets the new standard, Reuters reported.

Technology

Yan Liu resigned as CEO and Trinidad general manager, effective Jan. 31.  Lijun Xiu was appointed as Trinidad general manager, effective immediately. Currently, Xiu is the Trinidad deputy general manager.

By deferring these capex commitments to 2018 and 2019 with no further payments to the yard until that time, Seadrill was able to improve its near-term liquidity position, the company said.

Trinity, an independent E&P company focused on Trinidad and Tobago, has tapped Jeremy Bridglalsingh, to take on the role of CFO after the resignation of Bryan Ramsumair.

The contract award includes the transport and installation of a 1,000-ton deck and 1,600-ton jacket. It also covers the onshore fabrication, reel-lay and pre-commissioning of 14,000 feet of 14-inch pipeline that includes the pull-in of a 12-inch riser at an existing offshore platform scheduled to be completed using McDermott vessels, Derrick Barge 50 and the North Ocean 105, according to the release.

Under a five-year, US$250 million contract, Massy Wood Group will provide engineering, procurement and construction services to BP's 13 upstream offshore facilities in the Greater Cassia and Greater Mahogany areas.