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v3.23.1

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Tables) | 3 Months Ended
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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

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