Page 11 - LatAmOil Week 26 2021

LatAmOil BRAZIL LatAmOil

Atlanta is in a shallow-water section of the Santos basin (Image: Enauta)
Additionally, the amendment provides for Barra pursuing the implementation of the Full Devel-
Energia, the former owner of a 50% stake in opment System in order to maintain our pro-
BS-4, to transfer the sum of $43.9mn to Enauta, duction and cash generation at higher levels for
in line with the agreement signed between the a long period.”
parties last December. Barra agreed to make Atlanta is located in the shallow-water sec-
these funds available to the other company in tion of the Santos basin off Brazil’s south-eastern
relation to plans for shutting down three wells coast. It contains more than 1bn barrels of heavy
at Atlanta and decommissioning other facilities crude oil, and Enauta believes that the site can be
at the field. developed profitably. It hopes to raise produc-
Décio Oddone, the CEO of Enauta, expressed tion levels from the 2020 level of 20,000 bpd and
satisfaction with the ANP’s approval of the the projected 2021 level of 14,000 bpd.
amendment. “Upon conclusion of the transfer of Enauta’s development programme for
[the] Atlanta field, we are taking another impor- Atlanta is expected to include the installation of
tant step towards increasing the company’s cash a new floating production, storage and off-load-
generation,” he commented. “We will soon have ing (FPSO) unit with a production capacity of
three producing wells, which will enable us to 50,000 bpd at the field. The vessel will be con-
meet the demand for Atlanta oil under a benign nected to 12 development wells, all of which are
price environment. In addition, we are actively due to begin operating by next year. ™

Petrobras will not relinquish control

over RLAM immediately after sale

BRAZIL’S national oil company (NOC) Petro- continue to operate the 333,000 barrel per day
bras has indicated that it will retain control over (bpd) refinery for 15 months after the sale was
the Landulpho Alves Refinery (RLAM) in Bahia finalised.
State for more than a year after finalising the Mubadala has offered to buy Brazilian crude
planned sale of the facility. that RLAM can use as feedstock during that
Petrobras agreed earlier this year to sell 15-month period, he stated during a hearing in
RLAM to MC Brazil Downstream Participações, the National Congress last week.
a subsidiary of the Mubadala Capital group Petrobras is likely to follow the same pat-
(UAE/Abu Dhabi), for the price of $1.65bn. tern when selling off the other seven refineries
The Administrative Council for Economic in its privatisation programme, Argus Media
Defence (CADE), Brazil’s anti-trust agency, reported last week. It quoted unnamed sources
has approved the deal, and the parties expect to as saying that the company would probably sign
conclude the transaction in the third quarter of short-term supply and service contracts with the
this year. buyers of the plants in question.
Nevertheless, Joaquim Silva e Luna, the CEO The RLAM sale has drawn no small amount
of Petrobras, said last week that the NOC would of criticism in Brazil.

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