Since flowing first oil in May 2018, the Atlanta Field has produced a record 10 million barrels of oil.
As a result, we were ranked the 6th largest oil & gas producing Company in Brazil at the end of 2019, according to ANP data. These figures support the Consortium’s decision to implement the Full Development System in the Field — enabling us to nearly double production capacity, increasing it from 30,000 to 50,000 barrels of oil/d. For 2021, the Consortium is planning to drill another well to maintain production of the Early Production System (EPS) of the Field.
Another positive data was Atlanta Field’s oil price. The average discount applied to Brent narrowed throughout the year and by year end was between US$8 and US$11 per barrel, taxes included. In early 2020, we negotiated one cargo at a premium to Brent, even after considering the costs of transporting the oil to the refinery.
We also remain confident in the prospects of the Sergipe-Alagoas Basin, given the exploratory analysis underway. With the acquisition of a working interest in three new blocks in September of 2019, jointly with our partners, we now hold a 30% interest in a total of 9 blocks of this area, where the main oil system is similar to other discoveries in Suriname, French Guyana, and the coast of West Africa, where prospects with relevant volumes of oil resources were identified. We are preparing to initiate drilling in this area in early 2021.
A combination of increased production, a competitive price per barrel of oil, reduced lifting costs and greater demand for gas in 2019 led to significant growth of Enauta’s revenue and operational results in 4Q19 and in the year as well as the bottom line when excluding nonrecurring items. Revenue increased 40% in 2019 and EBITDAX totaled R$260 million in 4Q19, equivalent to R$200 million excluding the impact of IFRS16, a 25.1% increase in relation to
We ended 2019 with a total cash of R$1.7 billion, sufficient to support the short-term Capex scheduled. As part of the results destination, for 2019, management proposed total dividends of R$300 million, or approximately R$1.14 per share, subject to the shareholders meeting approval, scheduled for April 16, 2020.
We continue to pursue the best return to our shareholders, guaranteeing the safety of our employees, generating benefits for society and contributing to the preservation of the environment.
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