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News Article | June 7, 2017
Site: globenewswire.com

BUENOS AIRES, Argentina, June 07, 2017 (GLOBE NEWSWIRE) -- YPF SA (NYSE:YPF) announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2016, with the US Securities and Exchange Commission, including audited financial statements. The document is available on the YPF website at www.ypf.com in the Investor Relations section, and can also be downloaded from the SEC website at www.sec.gov. About YPF YPF is the leading energy company of Argentina, producing 43% of the total oil and gas in the country and supplying 56% of the fuel markets through a network of 1500 gas stations and other assets.  YPF is leader in the production of unconventional resources. It is an integrated energy company that generates a large offering consisting of natural gas, electricity, fuels, petrochemicals, lubricants and products for agriculture, among others.


News Article | June 7, 2017
Site: globenewswire.com

BUENOS AIRES, Argentina, June 07, 2017 (GLOBE NEWSWIRE) -- YPF SA (NYSE:YPF) announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2016, with the US Securities and Exchange Commission, including audited financial statements. The document is available on the YPF website at www.ypf.com in the Investor Relations section, and can also be downloaded from the SEC website at www.sec.gov. About YPF YPF is the leading energy company of Argentina, producing 43% of the total oil and gas in the country and supplying 56% of the fuel markets through a network of 1500 gas stations and other assets.  YPF is leader in the production of unconventional resources. It is an integrated energy company that generates a large offering consisting of natural gas, electricity, fuels, petrochemicals, lubricants and products for agriculture, among others.


News Article | July 13, 2017
Site: www.businesswire.com

SANTIAGO, Chile--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru, today announced its operational update for the three-month period ended June 30, 2017 (“2Q2017”). All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Exploration, Field Extension and Value Growth Successes in Colombia In the Llanos 34 Block (GeoPark operated with a 45% WI): Drilling and Testing Underway in Chile and Argentina Breakdown of Quarterly Production by Country The following table shows production figures for 2Q2017, as compared to 2Q2016: a) Includes royalties paid in kind in Colombia for 781 bopd approximately in 2Q2017. No royalties were paid in kind in either Chile or Brazil. Significant oil production growth of 49% in Colombia increased the average consolidated oil and gas production to 26,123 boepd in 2Q2017 from 21,143 boepd in 2Q2016. The increase was mainly attributed to new production from the Tigana/Jacana oil fields with 6 new wells put into production during 2Q2017. On a consolidated basis, it was offset by lower gas production in Chile, due to a temporary interruption in gas purchases from the buyer’s methanol plant, and in Brazil, due to lower gas consumption in the northeast region and platform maintenance. Oil increased in the production mix to 84% of the total reported production in 2Q2017 (vs. 73% in 2Q2016 and 81% in 1Q2017) resulting from the successful drilling campaign in the Llanos 34 Block and lower gas production in Chile and Brazil. Average net production in Colombia grew to 21,015 boepd in 2Q2017 compared to 14,084 boepd in 2Q2016, primarily attributed to exploration, appraisal and development success in the Tigana/Jacana oil fields in the Llanos 34 Block, representing 95% of GeoPark’s Colombian production in 2Q2017. The 2Q2017 drilling campaign in the Llanos 34 Block continued to provide positive results, as follows: For a summary of the upcoming drilling activities, please refer to 3Q2017 Drilling Schedule section, as follows. Average net oil and gas production in Chile decreased by 41% to 2,450 boepd in 2Q2017 compared to 4,118 boepd in 2Q2016 due to a temporary interruption in gas purchases from the buyer during May and June of 2017. The resulting production mix during 2Q2017 was 62% gas and 38% oil (vs. 64% gas and 36% oil in 2Q2016). The Fell Block represented 98% of GeoPark’s Chilean production. As of the date of this release, gas deliveries have been restored and current Chilean production is approximately 3,100 boepd. During 2Q2017, GeoPark resumed drilling activities in Chile for the first time in 15 months, to further develop and produce its existing 2P reserve base and to focus on gas production. Kimiri Aike 4 development well was drilled to a total depth of 10,180 feet and tested in the Springhill formation during June 2017 at a rate of approximately 900 mcfpd. Additional production history is required to determine stabilized flow rates of the well. Surface facilities are currently being designed and the well is expected to be put into production during 3Q2017. The well was drilled at a total drilling and completion cost of $1.9 million, a reduction of approximately 40% from the average 2014-2015 drilling and completion costs in Chile. During 3Q2017, GeoPark will continue targeting gas projects in the Fell Block with Ache 3 development well currently being drilled that will be followed by Uaken 1 exploration well. Average net oil and gas production in Brazil decreased by 10% to 2,658 boepd in 2Q2017 compared to 2,941 boepd in 2Q2016, primarily attributed to lower gas consumption by Brazilian industrial users. In addition to the lower gas demand, the operator of the Manati field, Petrobras, is currently performing maintenance at the platform, partially affecting the total production capacity of the field since May of 2017. Production capacity is expected to be restored during 3Q2017. The Manati field (non-operated with a 10% WI) represented 100% of GeoPark’s Brazilian production. As of the date of this release, gas demand has increased and current production is approximately 3,200 boepd. GeoPark drilled a new project in the prolific Neuquen Basin during 2Q2017 with one exploration well. Rio Grande Oeste 1 exploration well was drilled in 2Q2017 to a total depth of 5,500 feet and is expected to be completed and tested in August 2017 in the Grupo Neuquen formation. The well is located in the CN-V Block where GeoPark acquired a 50% interest in 2015 through a partnership with Wintershall (a subsidiary of BASF). The CN-V Block covers an area of 117,000 acres in the Neuquen Basin of the Mendoza Province, with 3D seismic coverage of 180 sq km and is next to the producing Loma Alta Sur oil field operated by YPF. An additional oil prospect has been delineated adjacent to Rio Grande Oeste. The CN-V Block also has upside potential in the developing Vaca Muerta unconventional play. During 3Q2017, GeoPark will also be drilling shallow exploration prospects of heavy oil in the Sierra del Nevado and Puelen blocks in the Neuquen basin. The Puelen Block is located north to the producing El Corcobo oil field, operated by Pluspetrol, and Sierra del Nevado is located east to the Llancanelo oil field, operated by YPF. The following is a summary of the expected activities scheduled for 3Q2017 with estimated total net capital expenditures of $30-35 million (drilling and completion costs of $17-20 million plus facilities and other costs of $13-15 million). a) Information included in the table above is subject to change and may also be subject to partner or regulatory approval Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com. Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding. This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "will," "estimate" and "potential," among others. Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected 2017 production growth, expected schedule, economic recovery, payback timing, IRR, drilling activities, demand for oil and gas and capital expenditures plan. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission. Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses, except when specified. Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective Resource volumes are presented as unrisked.


News Article | July 21, 2017
Site: www.businesswire.com

PARIS--(BUSINESS WIRE)--Schlumberger Limited (NYSE:SLB) today reported results for the second quarter of 2017. Schlumberger Chairman and CEO Paal Kibsgaard commented, “Our second-quarter revenue increased 8% sequentially while pretax operating income rose by 25%, resulting in earnings per share growth of 40%. Beyond seasonal effects, revenue grew in all of our Groups and Areas. “North America revenue increased 18% following our rapid deployment of idle hydraulic fracturing capacity as land activity further accelerated during the second quarter, partially offset by further weakness offshore in the US Gulf of Mexico. In US land, revenue grew 42% sequentially, a rate almost double that of the 23% increase in land rig count, driven primarily by hydraulic fracturing revenue that grew 68% as completions activity intensified and pricing continued to improve. Directional drilling revenue in US land was also higher as longer laterals requiring rotary steerable systems and advanced drillbit technologies continued to drive drilling intensity. Despite the significant costs associated with reactivating equipment, all of our US land product lines were profitable in the second quarter, driven by higher pricing, market share gains, improved operational efficiency, timely resource additions, and proactive supply chain management. “In the international markets, revenue increased 4% sequentially, led by Europe/CIS/Africa as activity recovered from the winter slowdown in Russia and the North Sea. Latin America revenue increased due to higher reservoir characterization and drilling activities in the Mexico & Central America GeoMarket, as well as from increased unconventional land activity in Argentina. The Middle East & Asia Area benefited from a seasonal rebound in China, increased activities in Southeast Asia, and higher Integrated Drilling Services (IDS) activity in Iraq. “Among the business segments, growth in the second quarter was led by the Production and Drilling Groups, where revenue increased sequentially by 14% and 6%, respectively, as hydraulic fracturing and directional drilling activity in US land accelerated. Reservoir Characterization Group revenue increased 9% due to higher international activities beyond the seasonal rebounds in the Russia & CIS and North Sea regions. Cameron Group revenue also increased 3% sequentially driven by higher project volume and product sales for Surface Systems and Valves & Measurement in North America. “While the activity outlook in North America for the second half of the year remains robust, we are now also seeing more positive signs in the international markets with increases in activity and new project plans starting to emerge in several GeoMarkets. The strengthening in the international markets has so far been concentrated around land activity in Western Siberia and in the OPEC Gulf countries but we are now also seeing an increasing number of new offshore projects being prepared for tendering and final investment decision (FID) in many of the world’s shallow water basins. “In this market, we continue to focus on serving our customers and driving our business forward, building on our successful efforts over the past three years of broadening our technology portfolio and increasing our addressable market, further streamlining our execution machine, and pursuing more collaborative and commercially aligned ways of working with new and existing customers. “As part of this focus, we announced a new agreement yesterday to acquire a majority equity interest in the Eurasia Drilling Company (EDC). This extends the successful long-term relationship that we have enjoyed with EDC through the strategic alliance that we signed in 2011. Closing of the transaction is subject to approval by the Federal Antimonopoly Service of Russia. “We also remain on track to close the OneStimSM joint venture transaction in the second half of this year, which will allow us to further capitalize on the recovery in North America land unconventional activity. At the same time, our increasing investments in Schlumberger Production Management through the new projects with OneLNG, YPF, and NNPC and FIRST E&P are not only providing additional short-term opportunities for our various product lines, but also a long-term activity baseline with superior full-cycle financial returns for the company as a whole. “Based on these, we continue to be optimistic about the future of Schlumberger, as we maintain an attentive watch and flexible approach to the shape and pace of the emerging oil market recovery.” During the quarter, Schlumberger repurchased 5.5 million shares of its common stock at an average price of $72.34 per share for a total purchase price of $398 million. On May 31, 2017, Schlumberger and Production Plus created a joint venture to develop HEAL System™ technology and business. HEAL System technology is designed to lower production costs by mitigating production challenges commonly found in horizontal wells in unconventional resource plays. On June 29, 2017, Schlumberger, the Nigerian National Petroleum Corporation (NNPC) and FIRST E&P signed an agreement for development of the Anyala and Madu fields in offshore Nigeria. Under the agreement, Schlumberger will contribute the required services in kind and capital for the project development until first oil. On July 19, 2017, the Company’s Board of Directors approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on October 13, 2017 to stockholders of record on September 6, 2017. On July 20, 2017, Schlumberger announced an agreement to acquire a majority (51%) equity interest in EDC. Closing of the transaction is subject to approval by the Federal Antimonopoly Service of Russia. Second-quarter revenue of $7.5 billion increased 8% sequentially with North America growing 18% and International increasing 4%. In North America, revenue grew 18% sequentially following the fast-track deployment of idle capacity as unconventional land activity accelerated during the quarter. US land revenue experienced 42% sequential growth, a rate almost double that of the 23% growth in the US land rig count, driven primarily by hydraulic fracturing revenue that grew 68% as completion activity intensified and pricing continued to improve. Directional drilling revenue in US land was also higher, as well design and longer laterals requiring rotary steerable systems and drillbit technologies continued to drive well productivity. Higher product sales in Cameron Valves & Measurement and increased activity for Cameron Surface Systems contributed to this strong financial performance. US land revenue growth, however, was partially offset by the seasonal spring break-up in Western Canada and lower offshore revenue. Revenue in the Latin America Area increased 9% sequentially on a strong performance in Mexico from the Reservoir Characterization and Drilling Groups. Argentina revenue was also higher on increased unconventional land activity while Brazil and Venezuela activity remained weak. Ecuador revenue declined due to lower production from the Schlumberger Production Management (SPM) Shushufindi project. The effect of this, however, was largely offset by revenue from increased exploration in Colombia. Europe/CIS/Africa Area revenue increased 6% sequentially as activity recovered following the winter slowdown in the Russia & CIS and North Sea regions. Increased revenue in the Russia & CIS region was driven by the start of offshore exploration drilling campaigns in Sakhalin, Astrakhan, and Kazakhstan despite Russian alignment with OPEC production cut commitments. The increased activity in the North Sea resulted from higher UK and Norway drilling activity as the rig count increased. Sub-Sahara Africa GeoMarket revenue was essentially flat as rig count stabilized with a recovery on land and early signs of customers preparing to resume activity on key offshore projects. Middle East & Asia Area revenue increased 1% sequentially primarily due to seasonal rebounds in SPM and completions activity in China in addition to higher activity in Vietnam and Thailand. Iraq revenue was also higher on increased IDS deviated well project delivery in the south, while further progress on the early production facility projects coupled with product sales drove revenue higher in Egypt. These increases, however, were partially offset by a decline in revenue in Kuwait following the completion of a WesternGeco land seismic acquisition project and by lower revenue in India due to monsoon weather affecting rig activity. Reservoir Characterization Group revenue of $1.8 billion, of which 78% came from the international markets, increased 9% sequentially due to higher WesternGeco multiclient seismic license sales, further progress for Testing & Process on early production facility projects in the Middle East, and higher drillstem test activities in the United Arab Emirates. Wireline revenue also grew from the seasonal activity rebound in the Russia & CIS and North Sea regions, as well as from the start-up of offshore exploration projects in the Sub-Sahara Africa GeoMarket. Pretax operating margin of 17% was essentially flat sequentially as the increased contribution from high-margin Wireline exploration activities was offset by reduced profitability in Testing & Process due to increased project costs. Reservoir Characterization Group performance was enhanced by Integrated Services Management (ISM) operations, where specially trained project managers provide scheduling, planning, and activity coordination for the Schlumberger product lines involved in a project. Second-quarter performance was also boosted by new technology deployments and contract awards. In Vietnam, Idemitsu successfully drilled an exploration well significantly under budget. For this project, Schlumberger was awarded five contracts, and an ISM manager was assigned to coordinate all Schlumberger services. The drilling and data acquisition program was optimized to achieve the well objectives while minimizing the overall costs of the exploration well. Drilling & Measurements StethoScope* formation pressure-while-drilling service and EcoScope*† multifunction logging-while-drilling service technologies for reservoir evaluation were successfully run in the 12¼-in and 8½-in holes, respectively. The close collaboration between Schlumberger and the customer led to the completion of the well with no incidents. Sirius Petroleum, an investment company focused on oil and gas exploration and development opportunities in Nigeria, awarded Schlumberger a multiwell contract for ISM operations in the Ororo field. The contract, which will begin later in 2017, includes directional drilling services, logging, completion and production fluids, cementing and pumping services, well intervention and stimulation products and services, well testing services, wellsite communications, data and software solutions as well as Cameron wellheads and production trees. Offshore Egypt, Testing & Process used a combination of technologies for Belayim Petroleum Company (Petrobel) to complete a production test of the first appraisal well on the Zohr discovery in the Shorouk block. Working at a water depth of 1,450 m, the production test string included SenTREE 3* subsea test tree and Muzic* wireless telemetry technology that activated the SCAR* inline independent reservoir fluid sampling and Quartet* downhole reservoir testing systems. Additional technologies included a CERTIS* high-integrity reservoir test isolation system, IRDV* intelligent remote dual valve, and Signature* quartz gauges. The use of Testing Manager* well testing real-time data monitoring and collaboration software enabled real-time transient analysis and optimization of the well test program. In Oman, Schlumberger deployed a combination of technologies for Petroleum Development Oman (PDO) to enhance productivity in seven wells in the Sadad North field. The technologies included a QUANTUM RH* retrievable hydraulic-set sealbore production packer and Testing & Process SXAR automatic gun release systems to create an integrated “shoot and drop” completions operation that could be deployed in a single trip. QUANTUM RH packer technology absorbs the high shock produced during perforation operations while enabling easy recovery. The customer increased production by an average of 200 m3/d of oil per well and saved a total of $700,000 in associated well costs for all seven wells. Offshore India, Wireline deployed a combination of technologies to increase production and reduce water cut in a well for Oil and Natural Gas Corporation Limited (ONGC). Data collected using the PLT* production logging tool and PressureXpress* reservoir pressure while logging service helped design the optimal workover program. As a result, the customer increased production to 6,100 bbl/d from the original 892 bbl/d and decreased the water cut to 2% from the original 7.7%. In Kuwait, Wireline used a Saturn* 3D radial probe for Kuwait Oil Company in one exploration well in an extremely tight cretaceous carbonate reservoir. Saturn probe technology positions self-sealing ports against the borehole wall to optimally draw reservoir fluids. The customer saved 14 days of rig time, equivalent to $672,000. In Russia, Software Integrated Solutions (SIS) entered a technology partnership agreement with the Gazpromneft Scientific Technology Centre to provide Guru* in-context guidance and support software in the Petrel* E&P software platform. The software enables discipline experts to collaborate and make the best possible decisions from exploration to production. The customer benefits from a standard 3D-modeling process that provides a 90% time saving compared with a conventional workflow. In Norway, Aker BP ASA entered into a four-year framework contract with two optional two-year extensions with Schlumberger for acquisition of 4D seismic data over Alvheim, Bøyla, Skarv/Snadd, and Ula fields in the Norwegian sector of the North Sea. The survey will be conducted in 2017 and use IsoMetrix* marine isometric seismic technology. Processing of the 4D and 3D data from the Alvheim and Skarv surveys will be carried out at the WesternGeco Stavanger Geosolutions center. WesternGeco was awarded multiple offshore seismic survey contracts for the provision of Q-Marine* point-receiver marine seismic technology with the CLA* continuous line acquisition method. Repsol Exploracion Guyana, S.A. awarded WesternGeco a 4,000-km2 survey offshore Guyana near recent major oil discoveries. In addition, Tullow awarded WesternGeco two contracts—one for a 2,150-km2 3D survey offshore Guyana and the second for data processing of a recently acquired dataset in Uruguay. The Uruguay data will be processed in the WesternGeco Gatwick Geosolutions center using prestack depth migration and a broadband processing flow. BP awarded WesternGeco the data processing and imaging of a state-of-the-art, ultrahigh-density ocean-bottom survey to be acquired over the Clair Ridge Field, West of Shetland in the UK. The survey will become the baseline for future 4D time-lapse studies of the area and includes advanced velocity model building and multicomponent processing and imaging technologies. Drilling Group revenue of $2.1 billion, of which 74% came from the international markets, increased 6% sequentially, due to the seasonal rebound in activity in the Russia & CIS and North Sea regions and strong directional drilling activity in US land that benefited most of the Drilling Group product lines. The demand for directional drilling technologies in US land was also higher, as well design and longer laterals required advanced rotary steerable systems and innovative drillbit technologies to drive well productivity. These increases were partially offset by the seasonal spring-break up in Western Canada and lower offshore activity in the US Gulf of Mexico. Pretax operating margin of 14% increased 278 basis points (bps) sequentially due to increased volume and pricing improvements from the greater uptake of Drilling & Measurements and Bits & Drilling Tools technologies in US land, although this was partially offset by pricing pressure in the US Gulf of Mexico and in the international markets. Drilling Group performance in the second quarter was strengthened by a combination of IDS operations, which provide project management, engineering design, and technical optimization capabilities. Group performance was also boosted by new technology deployments and contract awards. In Russia, LUKOIL awarded Schlumberger a three-year IDS contract for 139 wells in Western Siberia. The scope of work includes technologies and services from Drilling & Measurements, Bits & Drilling Tools, M-I SWACO, Completions, and SIS. In Oman, Petrogas Kahil awarded Schlumberger an IDS contract for one year valued at $20 million to drill three exploration wells in Block 55. This includes the provision of several Schlumberger technologies, such as Bits & Drilling Tools AxeBlade* ridged diamond element bits, Drilling & Measurements PowerV* vertical drilling rotary steerable systems, and Surface Systems SOLIDrill* modular compact wellhead systems. Operations for the first well began in the second quarter of 2017. In Bahrain, IDS was awarded a contract for two offshore exploration wells with a six-month optional extension by the Bahrain Petroleum Company (BAPCO). The contract includes products and services from the Reservoir Characterization, Drilling, Production, and Cameron Groups. A number of technologies are included in the contract, such as the PowerDrive vorteX* powered rotary steerable system, GeoFlex* quantitative cuttings analysis and imaging service, FlexSTIM* modular offshore stimulation system, and CERTIS* high-integrity reservoir test isolation system. Operations began in the first quarter of 2017. SCS Corporation Ltd., a subsidiary of Hyperdynamics Corporation, awarded Schlumberger a drilling master services contract for the Fatala-1 deepwater exploration well offshore the Republic of Guinea. The contract includes wireline logging, measurement- and logging-while-drilling, drilling fluids and solids control, downhole cementing, mud logging, drillbits and reamers, as well as contingency fishing equipment and services. Schlumberger will also provide an IDS project manager and drilling will begin in the third quarter of 2017. In the US Gulf of Mexico, the Drilling Group used a combination of technologies for Shell to optimize drilling of a challenging salt formation in the Green Canyon Block. Drilling through salt creates very high torque levels and fluctuations that can lead to low rates of penetration (ROP) or tool failures. The technologies included a Drilling & Measurements PowerDrive Orbit* rotary steerable system and a Bits & Drilling Tools AxeBlade ridge diamond element bit. As a result, the customer was the first to drill more than 5,353 ft in a 24-hour period in the Gulf of Mexico and was able to save seven days of drilling time in the 16½-in section. In Oklahoma, Drilling & Measurements used PeriScope HD* multilayer bed boundary detection service for Casillas Petroleum Corporation to minimize risk and optimize drilling performance in the SCOOP plays. With its ability to detect multiple formation layers and fluid boundary positions, PeriScope HD service enabled advanced well placement by providing real-time reservoir delineation in a formation that showed little contrast from top to bottom. As a result, the customer was able to place 100% of the lateral in zone, avoiding potential lost-in-hole and sidetrack costs. In the UK sector of the North Sea, Drilling & Measurements deployed a combination of technologies for a major operator to improve drilling performance in challenging well conditions. The combination of OptiDrill* real-time drilling intelligence service and PowerDrive Xceed* rotary steerable system optimized technology performance by reducing the number of bit runs from five to one. This saved the customer approximately 10 days of drilling time, equivalent to more than $2.4 million. In North America land, Bits & Drilling Tools used AxeBlade ridged diamond element bit technology in four wells for a customer to overcome drilling challenges in the Bakken Shale play. The formation is characterized by heavily interbedded sandstone, shale, and limestone intervals with varying compressive strengths that can limit drilling performance. The customer saved 52 hours between four wells. In addition, AxeBlade bit technology exceeded the customer’s 24-hour footage record twice over the same interval. In Colombia, Bits & Drilling Tools used ONYX 360* rolling polycrystalline diamond compact (PDC) cutter technology to overcome drilling challenges for Equion Energy in the Llanos basin. ONYX 360 cutter technology provided increased bit durability while drilling through three different compressive strength formations. The ROP was 3.5 times higher compared with offset runs in the same formations. The customer saved nearly $3 million in operating costs. In China, Bits & Drilling Tools used a combination of technologies for PetroChina to drill a 9½-in curved interbedded sandstone and shale well section in the Halahatang field. This challenging geology typically requires two to three conventional drillbits to reach target depth under severe shock and vibration. A combination of RockStorm* wear-resistant high-impact PDC cutter technology and Stinger* conical diamond element technology drilled to total depth in a single run. This saved the customer 10 days of drilling operations, equivalent to $150,000. In Norway, M-I SWACO deployed ATC* automated tank-cleaning technology for Statoil to reduce health, safety, and environmental risks on supply vessels. Average monthly performance, based on 25 boats and 150 tanks, reduced confined-space entry by more than 500 hours per month and reduced working at height by 225 hours per month. In addition, ATC tank-cleaning technology decreased water usage by 80% per month while also achieving a higher level of cleaning compared with a manual process. Consequently, the customer has saved approximately $500,000 per month since the technology was adopted in April 2016. Production Group revenue of $2.5 billion, of which 59% came from the international markets, was 14% higher sequentially due primarily to strong hydraulic fracturing activity and a sustained pricing recovery in North America land as completions activity intensified and stage counts increased by 26%. In US land, hydraulic fracturing revenue grew 68% through the fast-track deployment of idle capacity as unconventional land activity accelerated during the quarter. International revenue was also higher on the seasonal activity rebound in China and in the Russia & CIS region, while revenue in Argentina increased on unconventional land activity. SPM posted a sequential increase from the seasonal recovery in China, although this was partially offset by the decline in revenue in Ecuador due to lower production from the SPM Shushufindi project. Pretax operating margin of 9% increased 382 bps sequentially due to increased activity and pricing recovery on land in North America. Despite the significant costs incurred in reactivating multiple fleets in the second quarter, the hydraulic fracturing business in North America was profitable for the first time since the first quarter of 2015. Margin also expanded due to increasing benefits from the vertical integration of the pressure pumping business. Production Group results benefited from a series of new technology deployments and transformation initiatives. In North America land, Well Services used BroadBand Sequence* fracturing service to increase production in a horizontal shale well in the heterogeneous Wolfcamp Shale formation in the Permian basin. Nearly one year after deploying the BroadBand* service, the well produced 42% more hydrocarbons compared with the average production of three offset wells with the same lateral length, stage count, and volume of proppant and fluids. In West Texas, Schlumberger used a combination of technologies for Manti Tarka Permian to optimize well completions in the Wolfcamp Shale formation. The technologies included Kinetix Shale* reservoir-centric stimulation-to-production software, Wireline ThruBit* through-the-bit logging services, and Sonic Scanner* acoustic scanning platform. Data from field measurements and modeling helped to optimize the completions design, leading to a 60% increase in the hydraulic fracturing surface area. The customer achieved a 25% improvement in oil production compared with offset wells in the field. In North America land, Schlumberger artificial lift technology established a new equipment benchmark in shale oil operations. REDA Continuum* unconventional extended-life electrical submersible pump (ESP) technology, which is designed for unconventional reservoir horizontal well challenges such as slug fluid flow and damaging solids, exceeds the reliability of conventional ESPs. Continuum ESP technology has been installed in more than 180 operations since its introduction in September 2014 and has demonstrated run lives of 18 months, surpassing historical averages of six to nine months. In China, Well Services deployed a combination of technologies to increase production for PetroChina Company Limited in two horizontal gas wells in a tight sandstone formation in the Ordos basin. The use of Salik* local-sand-enabled flow-channel fracturing service enabled replacement of more than half of the ceramic proppant normally required, and helped create high conductivity fractures in the horizontal lateral. As a result of these combined technologies, the customer achieved a 50% increase in gas production in each well versus plan. In addition, Salik fracturing service helped reduce overall well costs by 20%, equivalent to $95,000. In North America, the transformation program enabled improved equipment reliability and reduced maintenance costs. In particular, the Center for Reliability and Efficiency in Denton, Texas, supports the field by monitoring equipment fleets from its Reliability Support Center, where prognostic health monitoring capabilities (PHM) have been developed to predict equipment reliability concerns. PHM has saved $10 million in operation costs over the last 18 months. Cameron Group revenue of $1.3 billion, of which 59% came from International markets, increased 3% sequentially, driven by Surface Systems and Valves & Measurement activity in US land, which grew at the same rate as the well count. The US land growth, however, was partially offset by reduced US Gulf of Mexico activity for Drilling Systems and OneSubsea. Internationally, revenues declined slightly due to reduced project activity for OneSubsea and Drilling Systems, offset in part by higher revenue in Surface Systems and Valves & Measurement from the seasonal service activity rebound in the Russia & CIS region. Pretax operating margin of 14% slightly improved sequentially, as increased project volumes and product sales in Surface Systems and Valves & Measurement and continued strong project execution in OneSubsea more than offset the impact of falling product backlog in Drilling Systems. Cameron Group performance included the following highlights during the quarter. Cameron Drilling Systems and M-I SWACO collaborated on product development to deliver the industry’s first original equipment manufacturer deepwater managed pressure drilling (MPD) system. The integrated solution is comprised of a riser joint, surface manifolds, a single control system and umbilical, and other equipment. To date, Schlumberger has received orders for four of the systems—the first was delivered in May 2017 and the other three will be delivered later this year. This deepwater MPD system received a 2017 Offshore Technology Conference Spotlight on New Technology Award. TAQA awarded OneSubsea an engineering, procurement, construction, installation and commissioning (EPCIC) contract for the Otter field in the UK sector of the North Sea. The contract includes a subsea multiphase boosting system with topside and subsea controls and associated life-of-field services. The project will result in a 30-km subsea tieback to the TAQA-operated North Cormorant platform and will be the longest subsea multiphase boosting tieback in the UK sector of the North Sea. OneSubsea and its Subsea Integration Alliance partner, Subsea 7, will deliver a turnkey integrated project from design through supply, installation, and commissioning. Noble Energy Mediterranean Ltd. awarded Schlumberger a contract for the provision of a measurement and control system for the deepwater Leviathan Field Development Project offshore Israel. The Valves & Measurement system will include two large, multirun metering skids, Caldon gas and liquid ultrasonic custody transfer meters, a bidirectional prover, and a building to house multiple natural gas component analyzers and supervisory control systems. In the US Gulf of Mexico, OneSubsea and its Subsea Services Alliance member, Helix Energy Solutions, received an expression of interest for rental of the jointly developed 15,000 psi Intervention Riser System, starting in the fourth quarter of 2017. This system, in which the construction was launched mid-2015, will be the first of its kind available on a rental basis to address the growing intervention needs of high-pressure subsea wells. (2) Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data costs and SPM investments. In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this Second-Quarter 2017 Earnings Release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). Net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; net income before noncontrolling interests, excluding charges & credits; and effective tax rate, excluding charges & credits) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures enables it to evaluate more effectively Schlumberger’s operations period over period and to identify operating trends that could otherwise be masked by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of these non-GAAP measures to the comparable GAAP measures. Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance. Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $27.81 billion in 2016. For more information, visit www.slb.com. *Mark of Schlumberger or of Schlumberger companies. †Japan Oil, Gas and Metals National Corporation (JOGMEC), formerly Japan National Oil Corporation (JNOC), and Schlumberger collaborated on a research project to develop logging while drilling (LWD) technology that reduces the need for traditional chemical sources. Designed around the pulsed neutron generator (PNG), EcoScope service uses technology that resulted from this collaboration. The PNG and the comprehensive suite of measurements in a single collar are key components of the EcoScope service that deliver game-changing LWD technology. Schlumberger will hold a conference call to discuss the earnings press release and business outlook on Friday, July 21, 2017. The call is scheduled to begin at 8:30 a.m. US Eastern Time. To access the call, which is open to the public, please contact the conference call operator at +1 (800) 288-8967 within North America, or +1 (612) 333-4911 outside North America, approximately 10 minutes prior to the call’s scheduled start time. Ask for the “Schlumberger Earnings Conference Call.” At the conclusion of the conference call an audio replay will be available until August 21, 2017 by dialing +1 (800) 475-6701 within North America, or +1 (320) 365-3844 outside North America, and providing the access code 423510. The conference call will be webcast simultaneously at www.slb.com/irwebcast on a listen-only basis. A replay of the webcast will also be available at the same web site until August 31, 2017. This second-quarter 2017 earnings release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of its segments (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; oil and natural gas prices; improvements in operating procedures and technology, including our transformation program; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger’s customers; the anticipated benefits of the Cameron transaction; the success of Schlumberger’s joint ventures and alliances; future global economic conditions; and future results of operations. These statements are subject to risks and uncertainties, including, but not limited to, global economic conditions; changes in exploration and production spending by Schlumberger’s customers and changes in the level of oil and natural gas exploration and development; general economic, political and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; operational modifications, delays or cancellations; production declines; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services and climate-related initiatives; the inability of technology to meet new challenges in exploration; the inability to integrate the Cameron business and to realize expected synergies; the inability to retain key employees; and other risks and uncertainties detailed in this second-quarter 2017 earnings release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.


News Article | July 29, 2017
Site: www.businesswire.com

“A receita da América do Norte aumentou 18% depois da nossa rápida implementação da capacidade de fraturamento hidráulico como atividade em terra, mais acelerada durante o segundo trimestre, parcialmente compensada pelos resultados offshore mais fracos no Golfo do México nos EUA. Em terra, nos EUA, a receita cresceu 42% sequencialmente, uma taxa de quase o dobro daquele do aumento de 23% das plataformas em terra, devido principalmente à receita do fraturamento hidráulico que cresceu 68% uma vez que a atividades de conclusão foram intensificadas e os preços continuaram a melhorar. A receita de perfuração direcional em terra nos EUA também foi maior, uma vez que laterais maiores exigindo sistemas dirigíveis rotativos e tecnologias de brocas de perfuração avançadas continuaram a aumentar a intensidade da perfuração. Apesar dos custos significativos associados com os equipamentos de reativação, todas as linhas de produtos em terra nos EUA foram lucrativas no segundo trimestre, impulsionadas por preços mais altos, ganhos de participação de mercado, maior eficiência operacional, adições de recursos em tempo hábil e gestão proativa da cadeia de suprimentos. “Nos mercados internacionais, a receita aumentou 4% sequencialmente, impulsionada pela Europa/CIS/África como atividade recuperada da desaceleração de inverno na Rússia e no Mar do Norte. A receita na América Latina aumentou devido à maior classificação dos reservatórios e às atividades de perfuração no geomercado do México e da América Central, bem como a uma maior atividade em terra não convencional na Argentina. A área do Oriente Médio e Ásia se beneficiou da recuperação sazonal na China, aumento das atividades no Sudeste da Ásia e maior atividade dos Serviços de Perfuração Integrados (IDS) no Iraque. “Dentre os segmentos de negócio, o crescimento no segundo trimestre foi impulsionado pelos Grupos de Produção e Perfuração, onde a receita aumentou sequencialmente em 14% e 6% respectivamente, uma vez que as atividades de fraturamento hidráulico e perfuração direcional em terra nos EUA foram aceleradas. A receita do Grupo de Classificação de Reservatório aumentou 9% devido às atividades internacionais maiores, além das recuperações sazonais na Rússia e CIS e nas regiões do Mar do Norte. A receita do Cameron Group também aumentou 3% sequencialmente, impulsionada por maior volume de projetos e vendas de produtos dos sistemas de superfície e válvulas de medição na América do Norte. “Embora o panorama das atividades na América do Norte para a segunda metade do ano permaneça robusto, agora estamos também vendo sinais mais positivos nos mercados internacionais com aumentos da atividade e novos planos de projetos começando a surgir em diversos geomercados. O fortalecimento dos mercados internacionais até agora tem se concentrado na atividade em terra na região Oeste da Sibéria e nos países da OPEC no Golfo, mas agora também estamos vendo um aumento no número de novos projetos offshore sendo preparados para oferta e decisão de investimento final (FID) em muitas das bacias em água rasa do mundo. “Nesse mercado, continuamos a nos concentrar em atender os nossos clientes e em levar nossos negócios adiante usufruindo das nossas iniciativas bem-sucedidas nos últimos três anos de ampliação do nosso portfólio de tecnologia e do aumento do nosso mercado acessível, agilizando ainda mais a nossa máquina de execução e perseguindo modos de trabalho mais colaborativos e alinhados comercialmente com nossos clientes novos e atuais. “Também continuamos no caminho certo para fechar a transação de joint venture OneStimSM na segunda metade deste ano, que nos permitirá capitalizar ainda mais com a recuperação das atividades não convencionais em terra na América do Norte. Ao mesmo tempo, o aumento dos nossos investimentos na Schlumberger Production Management, através de novos projetos com OneLNG, YPF, e NNPC e FIRST E&P estão oferecendo não só oportunidades adicionais no curto-prazo para diversas linhas de produtos, mas também uma linha de base de atividade de longo prazo com retornos financeiros de ciclo completo superiores para a empresa como um todo. Em 29 de junho de 2017, a Schlumberger, a Nigerian National Petroleum Corporation (NNPC) e a FIRST E&P assinaram um acordo para o desenvolvimento dos campos de Anyala e Madu no litoral da Nigéria. Sob esse acordo, a Schlumberger contribuirá para os serviços exigidos com dinheiro e capital para o desenvolvimento do projeto até a primeira produção de petróleo. A receita do segundo trimestre de US$7.5 bilhões aumentou 8% sequencialmente com o crescimento de 18% da América do Norte e internacional de 4%. Na América do Norte, a receita cresceu 18% sequencialmente após a rápida implementação da capacidade ociosa como atividade em terra não convencional acelerada durante o trimestre. Em terra, nos EUA, a receita teve um crescimento sequencial de 42%, uma taxa de quase o dobro daquela do aumento de 23% das plataformas em terra, devido principalmente à receita do fraturamento hidráulico que cresceu 68% uma vez que a atividade de conclusão foi intensificada e os preços continuaram a melhorar. A receita de perfuração direcional em terra nos EUA também foi maior, uma vez que o design dos poços e laterais maiores exigindo sistemas dirigíveis rotativos e tecnologias de brocas de perfuração continuaram a impulsionar a produtividade dos poços. Vendas maiores de produtos nas Válvulas e Medições Cameron e um aumento da atividade para os sistemas de superfície da Cameron contribuíram para esse desempenho financeiro forte. O crescimento da receita em terra nos EUA entretanto compensou parcialmente a interrupção sazonal de primavera na região Oeste do Canadá e as menores receitas offshore. A receita na área da América Latina aumentou 9% sequencialmente em um desempenho forte no México do Grupo de Perfuração e Caracterização de Reservatórios. A receita na Argentina foi mais alta sobre a atividade maior em terra não convencional enquanto as atividades no Brasil e na Venezuela permaneceram fracas. A receita no Equador foi reduzida devido a uma menor produção do projeto Shushufindi de gestão da produção (SPM) da Schlumberger. O efeito disso, entretanto, foi amplamente compensado pela receita de uma maior exploração na Colômbia. A receita da área da Europa/CIS/África  aumentou 6% sequencialmente devido à recuperação das atividades após a desaceleração de inverno na Rússia e CIS e nas regiões do Mar do Norte. Uma receita maior na Rússia e na região CIS foi impulsionada pelo início das campanhas de perfuração offshore em Sakhalin, Astrakhan e no Cazaquistão, apesar do alinhamento da Rússia com os compromissos de corte de produção da OPEC. O aumento da atividade no Mar do Norte resultou de uma maior atividade de perfuração no Reino Unido e na Noruega, bem como do aumento no número de plataformas. A receita do geomercado da África Subsaariana ficou essencialmente estável uma vez que o número de plataformas se estabilizou com uma recuperação em terra e dos primeiros sinais de que os clientes estão se preparando para retomar a atividade nos principais projetos offshore. A receita naárea do Oriente Médio e da Ásia aumentou 1% sequencialmente principalmente devido às recuperações sazonais em SPM e às atividades de conclusão na China, além de maior atividade no Vietnã e na Tailândia. A receita no Iraque também foi maior na entrega maior de projetos de poços desviados IDS no sul, enquanto mais progresso nos primeiros projetos de instalações de produção foram acoplados às vendas de produtos que elevaram a receita no Egito. Esses aumentos, entretanto, foram parcialmente compensados por um declínio na receita no Kuwai, seguido pela conclusão de um projeto de aquisição sísmica em terra da WesternGeco e por um lucro menor na Índia devido à estação das monções que afetam as atividades nas plataformas. A receita do Grupo de Caracterização de Reservatório de US$1.8 bilhão, dos quais 78% vieram dos mercados internacionais, aumentou 9% sequencialmente devido às vendas maiores de licenças sísmicas para múltiplos clientes da WesternGeco, maior progresso para Testes e Processos nos primeiros projetos de instalações de produção e um aumento nas atividades de teste da haste de broca nos Emirados Árabes Unidos. A receita da Wireline também cresceu devido à recuperação da atividade sazonal na Rússia, CIS e nas regiões do Mar do Norte, bem como devido ao início de projetos de exploração offshore no geomercado da África Subsaariana. O desempenho da Reservoir Characterization Group (Grupo de caracterização de reservatórios) melhorou com as operações de Gereciamento de Serviços Integraos (Integrated Services Management, ISM), onde gerentes de projeto especialmente treinados forneceram programação, planejamento e coordenação de atividades para as linhas de produtos da Schlumberger envolvidas em um projeto. O desempenho do segundo trimestre também foi acelerado pelas instalações de novas tecnologias e fechamento de contratos. In Vietnã, a Idemitsu perfurou com sucesso um poço de exploração significativamente abaixo do orçamento. Para esse projeto, a Schlumberger fechou cinco contratos e um gerente ISM foi designado para coordenar todos os serviços da Schlumberger. A perfuração e o programa de aquisição dos dados foram otimizados para alcançar os objetivos do poço enquanto minimizam os custos gerais do poço de exploração. O serviço de formação de pressão enquanto perfura da Drilling & Measurements StethoScope* e as tecnologias do serviço registro durante perfuração multifunção da EcoScope*† para avaliação de reservatório foram bem-sucedidos em furos de 12¼-pol. e 8½-pol., respectivamente. A colaboração entre a Schlumberger e o cliente levou à conclusão do poço sem nenhum incidente. A Sirius Petroleum, uma empresa de investimentos concentrada na exploração de óleo e gás e em oportunidades de desenvolvimento na Nigéria, assinaram um contrato multipoços com a Schlumberger para operações ISM no campo de Ororo. O contrato, que terá início no final de 2017, inclui serviços de perfuração direcionais, registro, conclusão e fluidos de produção, serviços de cimentação e bombeamento, intervenção em poços e produtos e serviços de estimulação, serviços de teste de poços, comunicações do local do poço, dados e soluções de software, bem como cabeças de poços e árvores de produção da Cameron. No litoral do Egito, a divisão de Testes e Processos usou uma combinação de tecnologias para a Belayim Petroleum Company (Petrobel) realizar um teste de produção do primeiro poço de avaliação da descoberta Zohr no bloco Shorouk. Trabalhando numa profundidade de água de 1.450 metros, a sequência do teste de produção incluiu uma árvore de teste submarina SenTREE 3* e a tecnologia de telemetria sem fio Muzic*, que ativou os sistemas incorporados de amostragem de fluido de reservatório independente SCAR* e de testes de reservatório de fundo de poço Quartet*. Tecnologias adicionais incluíram um sistema de isolamento de teste de reservatório de alta integridade CERTIS* , válvula dupla remota inteligente IRDV* e medidor de quartzo Signature*. O uso do software de colaboração e monitoramento de dados em tempo real de teste de poço Testing Manager* permitiram a análise e o aprimoramento temporários em tempo real do programa de testes de poço. Em Omã, a Schlumberger implantou uma combinação de tecnologias para a Petroleum Development Oman (PDO) para melhorar a produtividade em sete poços no campo de Sadad North. As tecnologias incluíram um packer de produção para vedação de furo ajustado hidraulicamente, recuperável, QUANTUM RH* e sistemas de liberação de pistola automático SXAR da divisão de Teste e Processamento para criar operações de complementação “shoot and drop” que podem ser instaladas em um único curso. A tecnologia de packer QUANTUM RH absorve os choques de alta intensidade produzidos durante as operações de perfuração enquanto permitem uma fácil recuperação. O cliente aumentou a produção em uma média de 200 m3/d de óleo por poço e economizou um total de US$700.000 em custos com os poços associados para todos os sete poços. No Kuwait, a Wireline usou uma sonda radial 3D Saturn* para a Kuwait Oil Company em um poço de exploração em um reservatório de carbonato de cretáceos extremamente apertado. A tecnologia da sonda Saturn posiciona as portas com vedação automática contra a parede do poço para fornecer uma excelente drenagem dos fluidos do reservatório. O cliente economizou 14 dias de tempo da plataforma, equivalentes a US$672.000,00. Na Rússia, a Software Integrated Solutions (SIS) assinou um contrato de parceria de tecnologia com o Centro de Tecnologia Científica da Gazpromneft para fornecer orientação em contexto Guru* e software de suporte na plataforma de software Petrel* E&P. O software permite que os especialistas na disciplina colaborem e tomem a melhor decisão possível desde a exploração até a produção. O cliente se beneficia do processo de modelagem em 3D padrão que oferece economia de tempo de 90% em comparação com o fluxo de trabalho convencional. Na Noruega, a Aker BP ASA assinou um contrato de estrutura de quatro anos com duas extensões de dois anos opcionais com a Schlumberger para aquisição de dados sísmicos em 4D dos campos de Alvheim, Bøyla, Skarv/Snadd e Ula no setor norueguês do Mar do Norte. A pesquisa será conduzida em 2017 e usará a tecnologia sísmica isométrica marítima IsoMetrix*. O processamento dos dados 4D e 3D das pesquisas de Alvheim e Skarv será realizado pelo centro de Geosoluções WesternGeco Stavanger. A WesternGeco foi agraciada com diversos contratos de pesquisa sísmica offshore para fornecer tecnologia sísmica marítima do ponto receptor Q-Marine* com o método de aquisição de linha contínua CLA*. A Repsol Exploracion Guyana, S.A. assinou com a WesternGeco um contrato de pesquisa de 4.000-km2 no litoral da Guiana perto das principais descobertas de petróleo recentes. Além disso, a Tullow assinou dois contratos com a WesternGeco —um para uma pesquisa 3D em 2.150-km2 no litoral da Guiana, e um segundo para processamento de dados de um conjunto de dados recém-adquirido no Uruguai. Os dados do Uruguai serão processados no centro de Geosoluções WesternGeco Gatwick usando migração de profundidade pré-empilhamento e um fluxo de processamento de banda larga. BP fechou com a WesternGeco contrato de processamento de dados e imagens de uma pesquisa do fundo do oceano com ultra-alta-densidade de última geração a serem coletados no campo de Clair Ridge, Oeste de Shetland, no Reino Unido. A pesquisa se tornará a linha de base para futuros estudos de intervalo de tempo em 4D da área e inclui construção de modelo de velocidade avançado e tecnologias de imageamento e processamento de múltiplos componentes. A receita do Grupo de Perfuração de US$2.1 bilhões, dos quais 74% vieram dos mercados internacionais, aumentou 6% sequencialmente, devido à recuperação sazonal da atividade na Rússia e nas regiões CIS e do Mar do Norte e da forte atividade de perfuração direcional em terra nos EUA, que beneficiou a maioria das linhas de produção do Grupo de Perfuração. A demanda por tecnologias de perfuração direcionais em terra, nos EUA, também foi maior, bem como o projeto de poços e as laterais mais longas exigiram sistemas dirigíveis rotativos avançados e tecnologias de ponta de broca inovadoras para melhorar a produtividade dos poços. Esses aumentos foram parcialmente compensados pela interrupção sazonal da primavera na região Oeste do Canadá e pela menor atividade offshore no Golfo do México dos EUA. O desempenho do Grupo de Perfuração no segundo trimestre foi fortalecido por uma combinação de operações IDS, que fornecem gestão de projeto, design de engenharia e recursos de otimização técnica. O desempenho do Grupo foi também reforçado pelo uso de novas tecnologias e assinaturas de contratos. Em Omã, a Petrogas Kahil assinou com a Schlumberger um contrato IDS de um ano no valor de US$20 milhões para perfurar três poços de exploração no Bloco 55. Isso inclui o fornecimento de diversas tecnologias da Schlumberger, por exemplo, brocas com elementos em diamante estriado AxeBlade* da divisão de Brocas e Ferramentas de Perfuração, sistemas dirigíveis rotativos verticais PowerV* da divisão de Perfuração e Medições, e sistemas de cabeça de poço compactas modulares SOLIDrill* da divisão Sistemas de Superfície. As operações para o primeiro poço começarão no segundo trimestre de 2017. No Bahrain, a IDS assinou um contrato para dois poços de exploração offshore com extensão opcional de seis meses pela Bahrain Petroleum Company (BAPCO). O contrato inclui produtos e serviços de caracterização de reservatório, perfuração, produção e da Cameron Groups. Diversas tecnologias estão incluídas no contrato como, por exemplo, o sistema dirigível rotativo acionado pela PowerDrive vorteX*, serviço de imageamento e análise de cortes quantitativos GeoFlex*, sistema de estimulação offshore modular FlexSTIM* e o sistema de isolamento do teste de reservatório com alta integridade CERTIS*. As operações começarão no primeiro trimestre de 2017. SCS Corporation Ltd., uma subsidiária da Hyperdynamics Corporation, assinou com a Schlumberger um contrato de serviços de perfuração master para o poço de exploração em águas profundas Fatala-1 no litoral da República da Guiné. O contrato inclui o registro wireline, medição e perfuração enquanto registra, controle de fluidos de perfuração e de sólidos, cimentação do fundo do poço, registro de lama, pontas de broca e escareadores, bem como equipamento e serviços de pesca de contingência. A Schlumberger também fornecerá um gerente de projeto IDS e a perfuração começará no terceiro trimestre de 2017. No Golfo do México, o Grupo de Perfuração usou uma combinação de tecnologias para a Shell para otimizar a perfuração de uma formação de sal desafiadora no bloco Green Canyon. Perfurar através do sal cria níveis de torque e flutuações muito altas que podem levar a baixas taxas de penetração (ROP) ou a falhas da ferramenta. As tecnologias incluíram um sistema dirigível rotativo PowerDrive Orbit* da divisão de Perfuração e Medições e brocas com elemento de diamante estriado AxeBlade da divisão de Brocas e Perfuração. Como resultado, o cliente foi o primeiro a perfurar mais de 5.353 pés em um período de 24 horas no Golfo do México e foi capaz de economizar sete dias de tempo de perfuração em uma seção de 16½ pol. Em Oklahoma, Perfuração e Medições usou um serviço de detecção dos limites do leito multicamada PeriScope HD* para a Casillas Petroleum Corporation para minimizar o risco e otimizar o desempenho da perfuração nos depósitos SCOOP. Com essa capacidade de detectar múltiplas camadas de formação e posições dos limites de fluido, o serviço PeriScope HD permitiu a instalação de poço avançado ao oferecer delineação do reservatório em tempo real em uma formação que mostrou pouco contraste de cima para baixo. Como resultado, o cliente foi capaz de colocar 100% da lateral na zona, evitando perdas no poço e custos de desvio em potencial. No setor do Mar do Norte do Reino Unido, Perfuração e Medições implementou uma combinação de tecnologias para um importante operador, para melhorar o desempenho da perfuração em condições de poço desafiadoras. A combinação do serviço de perfuração em tempo real inteligente OptiDrill*e do sistema dirigível rotativo PowerDrive Xceed* otimizou o desempenho da tecnologia ao reduzir o número de passadas da broca de cinco para uma. Isso economizou para o cliente aproximadamente 10 dias de tempo de perfuração, equivalente a mais de US$2.4 milhões. Em terra, na América do Norte, a divisão de Brocas e Ferramentas de Perfuração usou a tecnologia de broca com elemento de diamante estriado em quatro poços para um cliente superar os desafios da perfuração no campo de xisto de Bakken. A formação é caracterizada por arenito e xisto profundamente intercalados e intervalos de calcário com forças de compressão variáveis que podem limitar o desempenho da perfuração. O cliente economizou 52 horas entre os quatro poços. Além disso, a tecnologia de pontas AxeBlade ultrapassou em duas vezes o registro de metragem de 24 horas em relação ao mesmo intervalo. Na Colômbia, Brocas e Ferramentas de Perfuração usou a tecnologia de cortador compacto de diamante (PDC) prolicristalino giratório ONYX 360* para superar os desafios para a Equion Energy na bacia de Llanos. A tecnologia de cortadores ONYX 360 forneceu maior durabilidade da broca durante a perfuração de três formações com força de compressão diferentes. O ROP foi 3,5 vezes maior em comparação com as passagens de compensação nas mesmas formações. O cliente economizou quase US$3 milhões em custos operacionais. A receita do Grupo de Produção de US$2.5 bilhões, dos quais 59% vieram de mercados internacionais, foi 14% maior sequencialmente, devido principalmente à forte atividade de fraturamento hidráulico e à recuperação sustentável dos preços em terra na América do Norte uma vez que as atividades de complementação se intensificaram e as contagens de estágios aumentaram em 26%. Em terra, nos EUA, a receita do fraturamento hidráulico cresceu 68% através da implementação rápida da capacidade ociosa, uma vez que a atividade em terra não convencional acelerou durante o trimestre. A receita internacional também foi maior na recuperação da atividade sazonal na China e na Rússia e na região CIS, enquanto a receita na Argentina aumentou na atividade em terra não convencional. SPM publicou um aumento sequencial da recuperação sazonal na China, embora isso tenha sido parcialmente compensado pela redução da receita no Equador devido à menor produção do projeto SPM Shushufindi. A margem operacional antes dos impostos de 9% aumentou 382 bps sequencialmente devido a maior atividade e a recuperação dos preços em terra na América do Norte. Apesar dos custos significativos incorridos com a reativação de diversas frotas no segundo trimestre, o negócio de fraturamento hidráulico na América do Norte foi lucrativo pela primeira vez desde o primeiro trimestre de 2015. A margem também foi ampliada devido ao aumento dos benefícios da integração vertical no negócio de bombeamento sob pressão. Em terra, na América do Norte, a Well Services usou um serviço de fraturamento BroadBand Sequence* para aumentar a produção em um poço horizontal na formação de xisto de Wolfcamp, na bacia do Permiano. Quase um ano após a implementação do serviço BroadBand*, o poço produziu 42% mais hidrocarbonos comparados com uma produção média de três poços de compensação com o mesmo comprimento lateral, contagem de estágios e volume de propante e fluidos. No Oeste do Texas, a Schlumberger usou uma combinação de tecnologias para a Manti Tarka Permian para otimizar as conclusões de poços na formação de xisto Wolfcamp. As tecnologias incluíram o software de estímulo à produção voltado para os reservatórios Kinetix Shale*, serviços de registro Wireline ThruBit* e plataforma de escaneamento acústico Sonic Scanner*. Os dados das medições e da modelamento do campo ajudaram a otimizar o design das conclusões, levando a um aumento de 60% na área de superfície do fraturamento hidráulico. O cliente alcançou uma melhoria 25% na produção de óleo comparado com poços de compensação no campo. Em terra, na América do Norte, a tecnologia de elevação artificial da Schlumberger estabeleceu um novo benchmark de equipamento nas operações de petróleo de xisto. A tecnologia de bomba submergível elétrica com vida estendida não convencional (ESP) REDA Continuum*, que foi projetada para desafios de poços horizontais de reservatórios não convencionais como, por exemplo fluxo de fluido de lama e sólidos danificados excedeu a confiabilidade dos ESPs convencionais. A tecnologia ESP Continuum foi instalada em mais de 180 operações desde a sua introdução em setembro de 2014 e tem demonstrado permanecer em operação por 18 meses, ultrapassando as médias históricas de seis a nove meses. Na China, a Well Services implementou uma combinação de tecnologias para aumentar a produção para a PetroChina Company Limited em dois poços de gás horizontais em uma formação de arenito na bacia de Ordos. O uso do serviço de fraturamento de canal de fluxo ativado por areia local Salik* permitiu a substituição de mais da metade do propante cerâmico normalmente exigido e ajudou a criar fraturas de alta condutividade em laterais horizontais. Como resultado dessas tecnologias combinadas, o cliente alcançou um aumento de 50% na produção de gás em cada poço em relação ao plano. Além disso, o serviço de fraturamento Salik ajudou a reduzir o custo total do poço em 20%, equivalente a US$95.000,00. Na América do Norte, o programa de transformação permitiu melhorar a confiabilidade do equipamento e reduziu os custos de manutenção. Em especial, o Centro de Confiabilidade e Eficiência em Denton, Texas, apoia o campo, monitorando as frotas de equipamento em seu Centro de Suporte à Confiabilidade, onde os recursos de monitoramento do status do prognóstico (PHM) foram desenvolvidos para prever as preocupações com a confiabilidade dos equipamentos. PHM economizou US$10 milhões em custos de operação nos últimos 18 meses. A receita do Grupo Cameron de US$1,3 bilhões, dos quais 59% vieram dos mercados internacionais, aumentou 3% sequencialmente, impulsionada pela atividade dos Sistemas de Superfície e Válvulas e Medições em terra, nos EUA, que cresceu a mesma taxa da contagem de poços. O crescimento em terra, nos EUA, entretanto, foi parcialmente compensado pela redução das atividades no Golfo do México, EUA, para a divisão de Sistemas de Perfuração e OneSubsea. Internacionalmente, as receitas declinaram ligeiramente devido à atividade de projetos reduzida para a OneSubsea e Sistemas de Perfuração, compensadas em parte por uma receita maior nos Sistemas de Superfície e Válvulas e Medição da recuperação sazonas da atividade dos serviços na Rússia e na região CIS. TAQA concedeu à OneSubsea um contrato de engenharia, compras, construção, instalação e comissionamento (EPCIC) para o campo de Otter no setor britânico do Mar do Norte. O contrato inclui um sistema de propulsão de múltiplas fases submarino com controles superiores e submarinos e serviços da vida no campo. O projeto resultará em um tieback submarino de 30 km para a plataforma North Cormorant operada pela TAQA, e será o mais longo tieback de propulsão submarino no setor do Reino Unido no Mar do Norte. OneSubsea e seu parceiro Subsea Integration Alliance, Subsea 7, fornecerão um projeto integrado pronto desde o design até o fornecimento, instalação e comissionamento. A Noble Energy Mediterranean Ltd. assinou com a Schlumberger um contrato de fornecimento de um sistema de medição e controle para o Projeto de Instalação do Campo de Leviathan em águas profundas no litoral de Israel. O sistema da Válvulas e Medições incluirá dois grandes skids de medição multioperacional, medidores de transferência de custódia ultrassônicos para gás e líquido Caldon, um provador bidirecional e um prédio para abrigar múltiplos analisadores de componentes de gás natural e sistemas de controle de supervisão. No Golfo do México dos EUA, a OneSubsea e seu membro de aliança de serviços submarinos, a Helix Energy Solutions, recebeu informação de interesse para aluguel de um sistema de riser de intervenção de 15.000 psi desenvolvimento em conjunto, começando no quarto trimestre de 2017. Esse sistema, no qual a construção foi lançada na metade de 2015, será o primeiro do seu tipo disponível para aluguel para lidar com as necessidades de intervenção crescentes dos poços submarinos sob alta pressão. Além de resultados financeiros determinados de acordo com os princípios contábeis geralmente aceitos (generally accepted accounting principles, GAAP) dos EUA, este comunicado de imprensa do segundo trimestre de 2017 inclui também medidas financeiras não GAAP (conforme definido no Regulamento G da SEC). O lucro líquido, excluindo encargos e créditos, bem como medidas dele derivadas (incluindo EPS diluído, excluindo encargos e créditos; o lucro líquido antes de interesses não controlados, excluindo encargos e créditos; e imposto efetivo, excluindo encargos e créditos) são medidas financeiras não GAAP. A administração acredita que a exclusão dos encargos e créditos destas medidas financeiras permite avaliar de forma mais eficaz o período de operações da Schlumberger durante o período e identificar as tendências operacionais que poderiam ser mascarados pelos itens excluídos. Estas medidas também são utilizadas pela administração como medidas de desempenho na determinação de certa compensação de incentivo. As medidas financeiras não GAAP anteriores devem ser consideradas, além de, e não como um substituto para ou superior a outras medidas de desempenho financeiras preparadas de acordo com GAAP. O seguinte é uma reconciliação destas medidas não GAAP com as medidas GAAP comparáveis. †Japan Oil, Gas and Metals National Corporation (JOGMEC), anteriormente Japan National Oil Corporation (JNOC), e a Schlumberger colaboraram em um projeto de pesquisa para desenvolver tecnologia de registro enquanto perfura (LWD) que reduz a necessidade de produtos químicos tradicionais. Projeto ao redor do gerador de neutros pulsado (PNG), o serviço EcoScope usa tecnologia que resultou dessa colaboração. O PNG e o conjunto abrangente de medições em um único colar são os componentes-chave do serviço EcoScope que fornece a revolucionária tecnologia LWD. A Schlumberger realizará uma teleconferência para discutir o comunicado à imprensa e o panorama comercial na sexta-feira, 21 de julho de 2017. A chamada está programada para começar às 8h30 Horário da zona leste dos EUA (ET). Para acessar a chamada aberta ao público, entre em contato com o operador da teleconferência pelo telefone +1 (800) 288-8967 na América do Norte ou +1 (612) 333-4911 fora da América do Norte, cerca de dez minutos antes do horário de início agendado da chamada. Peça para participar na “Schlumberger Earnings Conference Call”. Na conclusão da teleconferência, uma repetição de áudio estará disponível até 21 de agosto de 2017, ligando para +1 (800) 475-6701 na América do Norte, ou +1 (320) 365-3844 fora da América do Norte e informando o código de acesso 423510. A teleconferência será transmitida pela internet simultaneamente em www.slb.com/irwebcast apenas com áudio. Uma gravação do webcast também estará disponível no mesmo site até 31 de agosto de 2017. Este comunicado sobre os lucros do segundo trimestre de 2017, bem como outras declarações que fazemos, contêm “declarações prospectivas” de acordo com o significado das leis federais sobre valores mobiliários, que incluem declarações que não são fatos históricos, como nossas previsões ou expectativas relativas ao panorama de negócios; crescimento da Schlumberger como um todo e cada um dos seus segmentos (e produtos e áreas geográficas específicas dentro de cada segmento); procura de petróleo e gás natural e o crescimento da produção; os preços do petróleo e do gás natural; melhorias nos procedimentos operacionais e nas tecnologias, inclusive nosso programa de transformação; despesas de capital pela Schlumberger e pelo setor de petróleo e gás; estratégias de negócios dos clientes da Schlumberger; os benefícios antecipados da transação da Cameron; o sucesso dos empreendimentos conjuntos e alianças da Schlumberger; condições econômicas globais futuras e resultados futuros das operações. Essas declarações estão sujeitas a riscos e incertezas, inclusive, entre outros, condições econômicas globais; mudanças nos gastos com produção e exploração pelos clientes da Schlumberger e mudanças no nível de desenvolvimento e exploração de petróleo e gás natural; condições gerais econômicas, políticas e comerciais em importantes regiões do mundo; riscos cambiais; pressão de preços; fatores climáticos e sazonais; atrasos, modificações ou cancelamentos operacionais; queda de produção; mudanças nos requisitos regulatórios e normas governamentais, inclusive as associadas com exploração de gás e petróleo offshore, fontes radioativas, explosivos, produtos químicos, serviços de fraturamento hidráulico e iniciativas relacionadas com o clima; a incapacidade da tecnologia de atender novos desafios em exploração; a incapacidade de integrar o negócio da Cameron com sucesso e alcançar as sinergias esperadas; a incapacidade de reter funcionários chave; e outros riscos e incertezas detalhados neste comunicado de lucros do segundo trimestre de 2017 e em nossos mais recentes formulários 10-K,10-Q e 8-K protocolados ou enviados à Comissão de Valores Mobiliários dos EUA (Securities and Exchange Commission, SEC). Se um ou mais desses ou outros riscos ou incertezas se materializarem (ou as consequências de tais mudanças de desenvolvimento), ou se nossas premissas subjacentes se mostrarem incorretas, os resultados reais podem divergir materialmente daqueles refletidos em nossas declarações prospectivas. A Schlumberger descarta qualquer intenção ou obrigação de atualizar ou revisar tais declarações, seja como resultado de novas informações, eventos futuros ou qualquer outra razão. O texto no idioma original deste anúncio é a versão oficial autorizada. As traduções são fornecidas apenas como uma facilidade e devem se referir ao texto no idioma original, que é a única versão do texto que tem efeito legal.


News Article | August 7, 2017
Site: www.businesswire.com

“También seguimos encaminados para cerrar la transacción de la empresa conjunta OneStimSM en la segunda mitad de este año, lo cual nos permitirá aprovechar la recuperación de la actividad en tierra no convencional de América del Norte. Al mismo tiempo, el aumento de nuestras inversiones en la Gestión de Producción de Schlumberger mediante los nuevos proyectos con OneLNG, YPF, NNPC y FIRST E&P no solo brindan oportunidades adicionales a corto plazo para nuestras diversas líneas de productos, sino también un punto de partida de actividad a largo plazo con retornos financieros de ciclo completo superiores para la compañía en general. Además de los resultados financieros determinados de acuerdo con los principios contables generalmente aceptados en EE. UU. (PCGA), este Comunicado de prensa de ganancias del segundo trimestre de 2017 incluye también medidas financieras no establecidas en los PCGA (según la definición del reglamento G de la SEC). Los ingresos netos, sin incluir cargos y créditos, así como las medidas derivadas de ellos (lo que incluye EPS diluidas; ingresos netos antes de participaciones no controladoras, sin incluir cargos y créditos; e impuestos efectivos, sin incluir cargos y créditos) constituyen medidas financieras que no son PCGA. La gerencia considera que la exclusión de cargos y créditos de estas medidas financieras le permiten evaluar más efectivamente las operaciones de Schlumberger de un período a otro, e identificar las tendencias operativas que de otra forma podrían quedar ocultas por los elementos excluidos. La gerencia también usa estas medidas como medidas de rendimiento para determinar ciertas compensaciones de incentivos. Las medidas financieras que no son PCGA previas deben considerarse además de, no como un sustituto para o superiores a otras medidas de rendimiento financiero preparadas de acuerdo con los PCGA. A continuación se muestra una conciliación de estas medidas que no son PCGA con las medidas PCGA comparables.


News Article | August 10, 2017
Site: www.businesswire.com

BUENOS AIRES, Argentina--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE:GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina and Peru, and Wintershall Energía S.A. (“Wintershall”), a subsidiary of the BASF group, the fourth largest gas producer in Argentina with over 15 blocks, today announced the discovery of a new oil field in the CN-V block (GeoPark 50% WI, Wintershall 50% WI) in the Neuquen Basin, Mendoza Province of Argentina. The Rio Grande Oeste 1 exploration well – operated by GeoPark - was drilled and completed to a total depth of 5,500 feet targeting the Grupo Neuquen formation, where fifteen different potential reservoir sands were identified - at depths that range from 1,800 to 5,500 feet - with a potential net pay of 400 feet. Preliminary logging information indicated hydrocarbons in the upper, middle and lower zones. The complete testing program is still underway. To date, GeoPark has carried out production tests in four reservoir sands, with early results showing a production rate by natural flow of approximately 300 bopd of 28.0 degrees API, with a 7% water cut. Additional testing and production history will be required to determine stabilized flow rates of the well. This discovery derisks other delineated and adjacent light oil prospects in the CN-V block for future drilling and will provide GeoPark with a reserve, production and cash flow base in Argentina. GeoPark and its partner Wintershall are currently evaluating subsequent activities in the CN-V block, including a development plan for the Rio Grande Oeste oil field. GeoPark acquired an interest in the CN-V block in 2015 through a partnership with Wintershall. The block is located in the Mendoza Province and covers an area of 117,000 acres, with 3D seismic coverage of 180 sq km next to the producing Loma Alta Sur oil field operated by YPF. The 3D seismic survey was acquired by Wintershall in 2015. The CN-V block also has upside potential in the developing Vaca Muerta unconventional play. Wintershall has the right to take over operatorship pursuant to the terms and conditions of the farm-in agreement. GeoPark’s total work program for 2017 in Argentina includes 7 gross wells ($5-7 million total) expected to be drilled in 2H2017, targeting shallow heavy oil exploration prospects in the Sierra del Nevado and Puelen blocks (Pluspetrol operated, GeoPark with a 18% WI) in the Neuquen Basin. The Puelen block is located north of the producing El Corcobo oil field, operated by Pluspetrol, and Sierra del Nevado is located east of the Llancanelo oil field, operated by YPF. The Mendoza Province is an attractive location for GeoPark to resume its exploration and drilling activities in Argentina. The Province produces more than 15% of Argentina's oil and offers suitable infrastructure to support, refine and commercialize oil production. James F. Park, CEO of GeoPark, said: “ We are pleased to be back operating and investing in Argentina where GeoPark’s technical team has a long and successful history of finding oil and gas and which also represents a highly attractive under-explored and under-developed hydrocarbon region with multiple new project opportunities.” GeoPark can be visited online at www.geo-park.com. Additional information about Wintershall can be found on the website www.wintershall.com. Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com. Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding. This press release contains statements that constitute forward-looking statements. Many of the forward looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "will," "estimate" and "potential," among others. Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the acquisition, estimated capital expenditures and currently estimated gross unrisked resources relating to the acquisition. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission. The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements. Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective Resource volumes are presented as unrisked.


In the Agreement, Neuquén province grants a 35-year period extension to the exploitation concession in exchange of a US$150 million investment commitment destined to an unconventional gas pilot program, which aims to further develop Mulichinco formation (tight gas) and explore the potential in Las Lajas (tight gas) and Vaca Muerta (shale gas) formations. Pampa, through Petrolera Pampa, only participates in the Block's tight gas development. Thus, 30% of the total amount corresponds to its investment commitment. It is worth to highlight that for the first time horizontal wells will be drilled in the Block, a method that our partner YPF has plenty of experience and was picked up from the operation of other unconventional blocks in Neuquén. The Rincón del Mangrullo block is located in the mid-east of Neuquén province and accounts an area of 183 km2. Since 2013 YPF and Petrolera Pampa has been developing the block, producing natural gas from Mulichinco formation as well as exploring the potential in Las Lajas formation. Currently 116 wells were drilled, producing 177 million cubic feet per day of unconventional gas. For further information, contact: Gustavo Mariani – Vice-President Ricardo Torres – Vice-President Mariano Batistella –Planning, Strategy and Affiliates Executive Director Lida Wang – Investor Relations Officer


News Article | February 24, 2017
Site: www.ogj.com

Royal Dutch Shell PLC and Argentina’s YPF SA have signed preliminary terms and conditions of an agreement to develop a shale gas pilot project in the Vaca Muerta shale of Neuquen province.


News Article | February 16, 2017
Site: www.theenergycollective.com

Despite its estimated 802 trillion cubic feet (Tcf) of unproved, technically recoverable shale gas resources, Argentina’s dry natural gas production declined each year from 2006 to 2014, and the country has shifted from a net exporter of natural gas to a net importer. In 2015, natural gas production increased for the first time since 2006, as ongoing efforts to increase production from key shale gas areas in Argentina aimed to reduce its imports of natural gas. Once one of the largest natural gas exporters in South America, Argentina was a net importer of natural gas by 2008. Imports, which accounted for 23% of Argentina’s natural gas consumption in 2015, came by pipeline from countries such as Bolivia and, to a lesser extent, as liquefied natural gas (LNG) from sources such as Trinidad and Tobago. The Argentinian government hopes to stop importing LNG by 2022. Argentina is the third country in the world, after the United States and Canada, to commercially develop tight oil and shale gas. Argentina’s Vaca Muerta formation within the Neuquen Basin has an estimated 308 Tcf of technically recoverable shale gas resources. Vaca Muerta’s geologic properties have been compared to the Eagle Ford play near the Gulf of Mexico in Texas in terms of its depth, thickness, pressure, and mineral composition. More than 588 vertical and horizontal shale wells have been drilled and completed in the Vaca Muerta shale play since 2010. According to the Argentine Ministry of Energy and Mines, shale gas production reached 64.6 billion cubic feet (Bcf) at the end of 2015. Argentina’s national oil company, Yacimientos Petroleiferos Fiscales (YPF), the most active operator in the Vaca Muerta shale play, has initiated joint venture pilot project agreements with partners such as Chevron, Dow Chemical, and Petronas to further develop the play. Although Vaca Muerta may have similar geologic properties to the Eagle Ford play in the United States, the production history of the Eagle Ford may be difficult to replicate in Argentina. From 2010 to 2013, more than 10,000 wells were drilled in the Eagle Ford, and average inital production per well nearly tripled over that period. However, since 2014, the decline in world oil prices has resulted in lower upstream capital expenditures as operators prioritize their spending. While drilling costs in Argentina have declined, they are still higher than YPF’s target costs. The average drilling and completion cost of a horizontal well in Vaca Muerta was estimated to be $11.2 million as of 2015, compared to $6.5 million to $7.8 million in the Eagle Ford. Ultimately, the economic competitiveness of Argentina’s indigenous shale gas resources will depend on the costs of domestic drilling and completion and the productivity of newly drilled wells. Although Argentina has an established energy industry, the current oil and gas sector is relatively small. The highest active rig count in Argentina in recent years was 110 for its nonshale oil and gas production, compared to more than 230 dedicated shale rigs in the Eagle Ford alone in 2013. Argentina has relatively high labor and imported equipment costs, shortages of specialized shale rigs, and limited proppant capacity—factors likely to hinder efforts to quickly increase production.

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