The Brazilian Oil, Gas and Biofuels Agency (“ANP”) approved the corporate guarantee arrangement as the financial guarantee instrument for the decommissioning of the Atlanta Field.
Over the next few days, the amendment to the Concession Agreement will be signed by ANP, thus concluding the transfer of 50% of the rights and obligations for the exploration, development and production of oil and natural gas in the Field.
Atlanta Field Production to Double for Enauta
After the amendment to the Concession Agreement, the Company will start recognizing Atlanta’s full results in its financial statements. Enauta, which holds half of the Field’s oil output, will then report the entire production, now at nearly 18,000 barrels per day, which is an all-time high volume for the Company.
Décio Oddone, our CEO, commented: “Upon conclusion of the transfer of Atlanta Field, we are taking another important step towards increasing the Company’s cash generation. We will soon have three producing wells, which will enable us to meet the demand for Atlanta oil under a benign price environment. In addition, we are actively pursuing the implementation of the Full Development System in order to maintain our production and cash generation at higher levels for a long period”.
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