Brazilian state-run oil and gas company Petrobras has terminated the contract with Brava Energia’s Enauta for the sale of its entire stake in the Uruguá and Tamba fields.
Under the contract, signed by the companies in July 2024, Petrobras was to received $35 million for the stake sale, stating at the time that the transfer of the assets to a new operator represents an alternative to their decommissioning, with the prospect of extending their productive life.
“The closing of the transaction was conditional, among other factors, on the conclusion of the acquisition by Enauta Energia of the FPSO Cidade de Santos, owned and operated by MODEC, which did not materialize. As provided for in the contract, the amount paid as a deposit on December 21, 2023 will be retained by Petrobras,” the company said in the statement.
The Uruguá and Tambaú fields belong to the BS-500 concession, which was acquired through the National Petroleum, Natural Gas and Biofuels Agency's (ANP) Zero Round.
The fields are located in the northern portion of the Santos Basin, between 140 and 160 km off the coast of the state of Rio de Janeiro, in water depths ranging from 1,000 to 1,500 meters.
The average production of the fields up to September 2023 was approximately 5.4 thousand bpd of oil and 353 thousand m3/day of gas. Petrobras holds a 100% stake in both fields, which produce through the FPSO Cidade de Santos, a unit chartered from MODEC.
Petrobras retains a 100% stake in the Uruguá and Tambaú fields and will evaluate the appropriate alternatives for managing the asset.
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