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The current consortium for the Manati gas field is formed by Petrobras (35%, operator), Enauta (45%), PetroRio (through Brasoil Manati, 10%) and Geopark (10%).
After announcing net profit increased by 22% with oil production in the third quarter of 2020, Brazilian oil company PetroRio announced today (05/11) the sale of its 10% stake in Campo de Manati (natural gas field), located in Bahia, to Gas Bridge SA The value of the transaction is R$ 144 million.
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PetroRio will transfer all its responsibilities in the field, including expenses when abandoning the field. The transaction, however, is subject to certain conditions. Gas Bridge, for example, has to be successful in acquiring Petrobras' operation in Manati.
The payment will be made to the Brazilian oil company in a fixed installment of R$124,4 million and an earn-out of R$20 million subject to regulatory approvals regarding the field.
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In August of this year, Enauta had also announced the sale of its 45% stake in Campo de Manati to Gas Bridge for BRL 560 million with an effective start date of December 31, 2020.
The effective date of the sale of the Manati field, in Bahia, is December 31, 2020. Until then, PetroRio will continue to have the right to generate cash from the Field.
Currently, the consortium for the Manati gas field is formed by Petrobras (35%, operator), Enauta (45%), PetroRio (through Brasoil Manati, 10%) and Geopark (10%).
Discovered in 2000 and with production starting in 2007, Manati is one of the largest non-associated natural gas fields in production in Brazil. Located in the Camamu Basin, on the coast of the state of Bahia.
PetroRio is close to taking over 100% of the Frade oil field in the Campos Basin
The National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved the transfer of 30% of Petrobras in the Frade field to PetroRio, which will hold 100% of the asset at the conclusion of the operation.
PetroRio has already presented to the ANP all documentation referring to the guarantee of abandonment, conditional on the final approval of the operation by the Agency. After this last endorsement, PetroRio will become the operator of 100% of the oil field.
At the time, PetroRio acquired Petrobras' 30% stake for US$ 100 million.
