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Msg  15241 of 15248  at  12/28/2019 5:04:46 AM  by

Currylover


 In response to msg 15230 by  Currylover
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Re: PetroTal

 

Manola Zuniga's Peruvian oil producer, Petrotal Corp. (TAL), added 1.5 cents to 49.5 cents on 1.58 million shares. It has signed another oil sales agreement for the production from its Bretana oil field. The field has been on production since mid-2018, initially under a contract for the delivery of 1,000 barrels a day -- later revised to 1,200 -- to the Iquitos refinery owned by state oil company PetroPeru. For perspective, the Bretana field's production is currently over 10,000 barrels a day. This oil is taken by barge to the refinery, but until the oil makes it to the final selling destination -- the Bayovar terminal, where PetroPeru must amass enough to load a tanker before it can ship the oil to end-markets. Petrotal does not receive compensation. 

 
Now, however, Petrotal will be able to manage its cash flow much more smoothly. The two companies have struck a new arrangement whereby all production in excess of the 1,200-barrel-a-day agreement can be shipped via pipeline after being delivered to a station in Saramuro. Petrotal will no longer have to wait until the oil is sold in Bayovar to receive payment, and will be able to submit monthly invoices instead.
 
The advantage to Petroperu is that the deal secures feedstock for a new refinery set to open in 2021. PetroPeru was so pleased that it published a press release on Christmas Day, extolling its "public-private co-operation mechanism" and "synergy with Petrotal" (translated from Spanish). Petrotal's CEO, Mr. Zuniga, was also thrilled, declaring this morning that he is "pleased that PetroPeru has exhibited such confidence in oil production from the Bretana oil field as our good-quality oil output increases."
 
 


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