Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe

News Update

TICKERS: ALV; ALVOF

Firm Advances Brazil Gas Project to Commissioning
News Update

Share on Stocktwits

Source:

Alvopetro Energy finishes construction of its new transfer pipeline and gas treatment facility.

In a news release, Alvopetro Energy Ltd. (ALV:TSX.V; ALVOF;OTCQX) announced it began commissioning work at its Caburé midstream natural gas project in Brazil.

Construction is finished of the new 11 kilometer (11 km) transfer pipeline and gas treatment facility, and commissioning work began there on April 21, after receipt of the requisite authorizations. Alvopetro delivered the first natural gas to the facility from the Caburé unit, or natural gas field. Commissioning is expected to be done in May.

Six of the seven wells of the Caburé unit recently were tied into the expanded facilities. The unit has a planned maximum gross production rate of 450,000 cubic meters per day.

Alvopetro will sell its natural gas under its long-term gas sales agreement with Bahiagás, the local distribution company for the state of Bahia. As part of the agreement, Bahiagás agreed to add another 15 kilometers to its distribution network and build a new gas receiving station at the facility site. Construction is in progress, and completion is expected in Q2/20. Once finished, Alvopetro intends to start delivering natural gas to the new station from the Caburé field.

As for Alvopetro's Gomo natural gas project, also in Brazil, the Calgary, Canada-based company requested an extension to "the existing phase deadline for this block to install a plunger lift system to evacuate the remaining completion and stimulation fluid in the wellbore and put the well on a 60-day, long duration test to obtain improved estimates of its full potential while working through the permitting process for the pipeline extension to tie the well into the Caburé infrastructure," according to the release.

Also, the gas firm noted that the COVID-19 pandemic has not affected its operations or supply chain. Regardless, Alvopetro continues its measures to protect staff, including having most employees, excluding field crew members, work at home and social distancing among those on site.

[NLINSERT]

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Alvopetro Energy. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.





Want to read more about Oil & Gas - Exploration & Production investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe