GTU Process Plant View
The third production well in the field, TBAZ-1HP, is under completion and will begin connection to FPSO OSX-1 in the coming weeks. It is expected to come on-stream at the beginning of December.
The average daily production in October amongst all wells in the Tubarao Azul Field was 10.3 kboepd, which is in line with previous months.
In July, OGX made the final shipment delivery of approximately 800,000 barrels under the Company’s first sales contract with Shell, marking the commencement of the Company’s revenues generation after the declaration of commerciality in the Tubarão Azul Field, resulting in sales revenues of R$150.7 million.
On October 15, following the declaration of commerciality and the conclusion of the Extended Well Test (EWT), the fourth shipment of approximately 800,000 barrels was delivered to Reliance Industries Ltd., one of the world's largest refineries and India's largest private company.The table below shows the pro-forma OSX-1 EBITDA after the delivery of the first shipments:
|Delivered cargos||1st 1||2nd 1||3rd 2||4th 3||Total|
|Operation Period||51 days||27 days||98 days||80 days|
|Production related to the shipments - in barrels (bbls)||547,376||246,809||789,774||809,495||2,393,454|
|% EBITDA / Net Revenue||47.81%||41.48%||17.31%||40.76%||35.37%|
|EBITDA / barrel - (R$/barrel)||103.07||94.11||33.03||85.17||72.98|
|1 Sales occurred during the Extended Well Test and before the declaration of commerciality - not accounted in Results and recorded as a reduction of "Fixed Assets"|
|2 Sale occurred after the Extended Well Test and declaration of commerciality - recorded as net revenues|
|3 Sale occurred after the Extended Well Test and declaration of commerciality - recorded as net revenues. Net figure of expenses associated with the sale of freight costs|
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