Brazilian oil company Enauta has received regulatory approval to take full ownership of the Atlanta offshore oil field in Brazil, following the decision by its partner Barra Energia to exit the field located in the Santos Basin.
Enauta said that the country's oil and gas regulator ANP of the 50% working interest from Barra Energia in the Block BS-4, where the Atlanta Field is located, to Enauta. Atlanta field produces oil through the Petrojarl I FPSO - an early production system.
"The definitive conclusion of the transfer is conditional upon settling the warranties and signature of the addendum to the Concession Agreement," Enauta, previously known as Quireoz Galvao, said Thursday.
Upon the completion of the Barra stake transfer, Enauta will hold a 100% working interest in the Atlanta Field. The agreement signed with Barra Energia also provides for the transfer of US$43.9 million to Enauta Energia, related to the abandonment operations for the three wells and decommissioning of existing facilities in the field, Enauta reminded.
Back in December 2020, when Enauta made the decision to take Barra's stake in the field, Enauta's CEO Décio Oddone, said that the Atlanta field had 1.3 billion barrels of oil in place, "of which only 1.25% has been produced so far."
“The decision to increase our working interest in the Atlanta Field was guided by studies that evidenced its potential. We are focused on increasing operational efficiency and reducing costs of both the Early Production System and the Full Development System," Carlos Mastrangelo, Enauta Production Officer said Thursday.
Teekay Petrojarl I, the current FPSO at the field, had spent almost three decades working in the North Sea, before moving to Brazil, where it started production at the Atlanta field in 2018.
Mastrangelo reminded that Enauta was working to further develop the field via a new FPSO for which it launched a tender last month.
"We launched in March the bid for the FPSO of the Full Development System and, in line with our strategy of portfolio diversification, we are now seeking new partners to develop the Field. We have no doubt that Atlanta is a resilient project, capable of creating value for the Company”, he said.
Enauta in March said it expected the bidding process for the full field development FPSO would take 10 to 12 months to complete, with companies with proven experience in developing similar projects invited to take part.
The bidding considers an FPSO with a capacity to process 50 thousand barrels of oil per day, to which 6 to 8 producing wells will be connected, including the 3 wells already in operation in the Early Production System (EPS).
According to Enauta, the bidding process considers the adaptation of an existing FPSO, which has never been deployed, made possible by an exclusive agreement for 12 months with an option to purchase signed by Enauta. The winning bidder will have the right to exercise this option, Enauta said.
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