Enauta buys two Petrobras fields and associated infrastructure

Brazilian oil and gas player Enauta has signed a contract with compatriot oil and gas giant Petrobras for the acquisition of oil and gas fields in the Santos Basin off Brazil and natural gas pipeline infrastructure. The company is also set to acquire the FPSO operating in the fields.

Enauta is acquiring 100% of offshore oil and gas fields Uruguá and Tambaú and a 178-kilometer natural gas pipeline infrastructure connecting the production platform to the Mexilhão field natural gas infrastructure.

The transaction amounts to $10 million, $3 million upon signing and $7 million upon closing, and up to $25 million contingent on events related to the fields’ development and future oil price.

The fields’ production is processed through platform FPSO Cidade de Santos, which has a capacity of 25 thousand barrels of oil and 10 million cubic meters of natural gas per day.

In a separate statement, Enauta reported that it had signed a contract to acquire FPSO Cidade de Santos platform which Modec operates in the Uruguá and Tambaú fields. The transaction amounts to $48.5 million, with $7.275 million paid on signing and the outstanding balance paid upon closing.

The FPSO, owned by Modec’s affiliate MV20, has been leased on a charter contract to Petrobras for 13 years since 2010.

The platform has 25 thousand barrels of oil and 10 million cubic meters of gas per day in production capacity and 700 thousand barrels of crude inventory.

Transaction closing is subject to conditions precedent, including the approval of Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP), Brazil’s Administrative Council for Economic Defense (CADE), Brazil’s Institute of Environment and Renewable Natural Resources, amongst others.

To remind, Petrobras in September 2021 started the opportunity disclosure stage (teaser) for the sale of the totality of its stake in the Uruguá and Tambaú fields, belonging to the BS-500 concession off the state of Rio de Janeiro.

Uruguá and Tambaú, located approximately 80 kilometers West of Enauta’s FPSO Atlanta location and 65 kilometers to the Oliva field, currently have a concession period due by 2032. The fields produced on average 5.4 thousand barrels of oil and 353 thousand cubic meters of natural gas in 2023, and peak production of 15 thousand barrels of oil in 2015 and 2.65 million cubic meters of natural gas in 2016.

Over the last five years, average production was approximately 7.4 thousand barrels of oil equivalent per day.

The natural gas pipeline has 10 million cubic meters in transport capacity connecting FPSO Cidade de Santos to the Mexilhão field branch that connects to an onshore natural gas processing unit by the coast of São Paulo state.