Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Tables)

v3.23.1
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Tables)
3 Months Ended
Mar. 31, 2023
Notes Tables  
Property, Plant and Equipment [Table Text Block]
   

As of March 31, 2023

   

As of December 31, 2022

 
   

(in thousands)

 

Crude oil and natural gas properties and equipment - successful efforts method:

               

Wells, platforms and other production facilities

  $ 1,432,823     $ 1,406,888  

Work-in-progress

           

Undeveloped acreage

    53,999       56,251  

Equipment and other

    41,176       38,796  
      1,527,998       1,501,935  

Accumulated depreciation, depletion, amortization and impairment

    (1,028,045 )     (1,006,663 )

Net crude oil and natural gas properties, equipment and other

  $ 499,953     $ 495,272  
Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block]

Block

 

Merged Concession

   

South Ghazalat

 

Year acquired (1)

   

2020

     

2013

 

Expiry date

   

2035

     

2039

 

Extensions

               

Exploration

    N/A       N/A  

Development

   

+ 5 years

     

20 + 5 years

 

Production Tranche (MBopd)

    0-25       0-5  

Maximum cost oil

    40 %     25 %

Excess cost oil - Contractor

    15 %     5 %

Depreciation per quarter

               

Operating

    100 %     100 %

Capital

    6 %     5 %

Production Sharing Oil:

               

Contractor

    30 %*     17 %

Government

    70 %*     83 %
Crude Oil Production [Table Text Block]

*Merged Concession profit oil is set on a scale according to average Brent price and production:

 

Crude oil produced (MBopd)

Brent Price ($/bbl)

Less than or equal to 5 MBopd

 

More than 5 MBopd and less than or equal to 10 MBopd

 

More than 10 MBopd and less than or equal to 15 MBopd

 

More than 15 MBopd and less than or equal to 25 MBopd

 

More than 25 MBopd

 

Government %

Contractor %

 

Government %

Contractor %

 

Government %

Contractor %

 

Government %

Contractor %

 

Government %

Contractor %

Less than or equal to $40/bbl

67

33

 

68

32

 

69

31

 

70

30

 

71

29

More than $40/bbl and less than or equal to $60/bbl

68

32

 

69

31

 

70

30

 

71

29

 

72

28

More than $60/bbl and less than or equal to $80/bbl

70

30

 

71

29

 

72

28

 

74

26

 

76

24

More than $80/bbl and less than or equal to $100/bbl

72.5

27.5

 

73

27

 

74

26

 

76

24

 

78

22

More than $100/bbl

75

25

 

76

24

 

77

23

 

78

22

 

80

20