Page 15 - LatAmOil Week 45

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PetroRio signs sales deal with

Gas Bridge for Manati stake

THE Brazilian independent oil and gas firm Pet- The mature field has a fixed production plat-
roRio has signed binding documents with Gas form, gas compression station and a natural gas
Bridge, another local player, to sell its stake in treatment plant, all connected by a 125-km gas
the Manati offshore natural gas field. pipeline.
The documents state that PetroRio will sell In August, the Brazilian firm Enauta Partic-
its 10% interest in the field, which is operated ipações, through its energy subsidiary Enauta
by state-run oil and gas firm Petrobras. The sale Energia, sold its 45% stake in Manati field for
will include the transfer of all of PetroRio’s liabil- BRL560mn ($103.86mn) to Gas Bridge, a Rio
ities in the field, including its participation in the de Janeiro-based company that was founded in
abandonment, the company said in a statement. 2019. Sao Paulo-listed Enauta said last month
The transaction, which has yet to obtain the that it had BRL2bn ($370.83mn) available to
requisite approvals from regulatory authorities, restore its portfolio and acquire new fields,
has been valued at BRL144.4mn ($26.78mn), including assets in shallow waters and onshore
according to PetroRio. “This move is part of the fields, aside from its traditional deepwater
company’s value generation strategy through investments. ™
dynamic management of its asset portfolio and
reinforces PetroRio’s focus on operated assets
that composes the core of its business,” the firm
said.
The effective date of the sale will be Decem-
ber 31, PetroRio noted. Until that date, the com-
pany will still be entitled to its share of revenues
generated from the field.
Manati is located in the Camamu-Almada
Basin in the north-eastern state of Bahia, around
65 km from the city of Salvador. The field was
discovered in 2000 and came on stream in 2007.
It now meets about 30% of gas demand in the
country’s remote north-eastern region, and as
such it is one of the largest non-associated gas
producers in Brazil. Manati is connected to the shore by a pipeline (Image: Petrobras)

Enauta may abandon Atlanta

field after partner’s withdrawal

ENAUTA Energia, a Brazilian oil and gas inde- declared that it would speed up studies analysing
pendent owned by Enauta Participações, has the option of returning the field to the govern-
said that the Atlanta oilfield may not proceed to ment. “The company will evaluate by November
full commercial development now that its part- 28 if it will take over Barra Energia’s share in the
ner Barra Energia, another local company, has field or proceed with the joint abandonment,” it
decided to exit the project. said in a statement.
The firm indicated last week that it might The company also said that it expected Atlan-
abandon its plans for the heavy crude oil deposit, ta’s anticipated production system to continue
which is located in a shallow-water section of operating as long as development remained eco-
the Santos Basin off Brazil’s southeastern coast. nomically feasible.
It did so after Barra Energia unveiled plans to The future of the Atlanta project has been in
farm out the asset, in which it has a 50% share. some doubt since oil markets slumped earlier
In response to that announcement, Enauta this year.

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