Manati Field

18,2 MM boe

IN 2P RESERVES

45%

OF MAJORITARY INTEREST

20% of the Gas

CONSUMED IN THE NORTHEAST REGION

Characteristics

Owned production infrastructure and contractual price increases to support high-margin operations

Manati, a milestone in our pioneering journey

 

Manati was discovered in 2000 and its production started in 2007. It became one of the largest non-associated natural gas fields in production in Brazil and is responsible for approximately 20% of the Northeast’s energy needs.

Located in the Camamu Basin, off the coast of Bahia, the Manati Field is a milestone in our history, as it was discovered by the first well ever drilled by a consortium we participated in. This concession is part of Block BCAM-40, in which we hold a 45% interest—and in whose development we have invested over US$400 million.

 

Production and commercialization of gas from Manati

 

Manati’s wells are interconnected by submarine lines to the PMNT-1 platform, a fixed production unit installed in a water depth of 35 meters, 10 km off the coast. The gas is transported from the platform through a gas pipe measuring 61 cm in diameter and 36 km in length until it reaches the Compressor Station (SCOMP), where the gas is compressed and travels another 89 km to the processing plant (EVF). After processing, the product is sold to Petrobras to feed its facilities (refinery, thermal power plant, and nitrogen fertilizer plant) or resold to Bahiagás. Apart from gas, the Manati Field also produces condensate, which accounts for approximately 5% of our revenue.

 

*Corresponds to the 2P reserves certified by Gaffney, Cline & Associates on December 31, 2018, net to Enauta

 

 

Characteristics:

Owned production infrastructure and contractual price increases to support high-margin operations;
Stable cash generation;
Agreement to sell the entire reserve, with a take-or-pay clause;
2P Reserves – 18.2 million boe*;
The 1P, 2P, and 3P natural gas reserves of the Manati Field are estimated at 4.41 billion m³, 4.98 billion m³, and 5.33 billion m³ net to Enauta, respectively*;
Average EBITDA Margin of Manati Field 2016 – 3Q18: over 65%;
Average daily production capacity of 6.0 million m³ of gas and production expected until 2024.

 

*Reserves certified by Gaffney, Cline & Associates on December 31, 2018