Enauta takes over 100% of Atlanta Field

Continuing the news released on November 3 and 30, 2020, we communicate the celebration of the agreement with Barra Energia to acquire 100% of the working interest in Block BS-4, where the Atlanta Field is located.

 

The transfer of ownership from Barra Energia to Enauta Energia is subject to approval by the National Agency for Petroleum, Natural Gas and Biofuels (ANP) and Brazil’s Antitrust Agency (CADE), and to additional usual conditions. After approval from ANP, Barra Energia will transfer US$ 43.9 million to the Enauta Energia related to the abandonment operations of the three wells and decommissioning of existing facilities at the Field.

 

“Atlanta has 1.3 billion barrels of oil in place, of which only 1.25% has been produced so far. We made this decision because we believe it is possible to develop a more resilient project that can create value, despite a scenario of lower oil prices,” commented Décio Oddone, our CEO.

 

In line with the strategy to diversify its portfolio, Enauta Energia will seek new partners to develop the Field and commence the bidding process for FPSO freight operations, a key stage for the project’s approval.