Technology Latin America & Caribbean 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.

Contracts Latin America & Caribbean

PDVSA awarded contracts to drill wells in the Orinoco Belt, although some foreign partners are uncomfortable with the rushed tender and structural problems that could hinder the projects, according to sources close to the matter.

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.

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.

C&J Energy Services Ltd. is led by current C&J management and will be based out of Bermuda. The transaction was originally announced June 25, 2014.

Equipment Latin America & Caribbean

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.

Operations Latin America & Caribbean

When fully onstream, the onshore compression facility will have the potential to deliver about 200 million standard cubic feet of gas per day, BP said in a news release.

Drops in Latin American could also be bigger than forecast. Petrobras aims to marginally lift output this year but has been dogged by the country's worst ever corruption scandal that is slowing investments.

This is the largest foundation installation campaign offshore Trinidad and Tobago to date.

People Latin America & Caribbean

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.

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.

Seadrill Ltd.’s board of directors has appointed Ørjan Svanevik to fill the vacant board position, following the resignation of Carl Erik Steen, according to a news release.

Regulations Latin America & Caribbean

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.