With ANP Approval, Enauta Takes Over Entire Operation in Atlanta Field and Plans to Double Oil Production Capacity

Enauta Announced This Morning the Approval of ANP for the Company to Fully Operate the Atlanta Field in the Santos Basin

Enauta reported this morning that the National Agency of Petroleum, Natural Gas and Biofuels (ANP) has approved the establishment of guarantees for the company to assume 100% of the Atlanta Field, located in the Santos Basin. This operation aims to double the company’s oil production. See also: Enauta Launches Tender for FPSO Adaptation, which Will Operate in the Atlanta Field, in the Santos Basin

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Enauta and the Atlanta Field in the Santos Basin

According to Enauta, the ANP approved the corporate model as a financial guarantee instrument for the decommissioning of the asset. In the coming days, the signing of the amendment to the concession contract will take place for 50% of the rights to explore the oil field to be transferred to the company.

Décio Oddone, CEO of Enauta, says that with the definitive transfer of the Atlanta field, they will take another important step to increase the company’s cash generation. The CEO also emphasized that they will soon have three oil wells in production, which will allow them to meet the demand for Atlanta oil in a positive price environment.

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Oil Company Expects Increase in Oil Production in the Atlanta Field

According to a material fact published on December 21, 2020, the agreement signed with Barra Energia do Brasil Petróleo e Gás provides for the transfer of US$ 43.9 million to Enauta Energia, referring to the future abandonment operations of three wells and the decommissioning of the existing facilities in the Atlanta Field. The receipt of this amount will occur after the signing of the amendment to the Concession Agreement.

Thus, Enauta — which already holds half of the field’s production — will recognize the total results of the Atlanta field and report total pumping of around 18,000 barrels of oil per day, a record volume for the company (the company added in a material fact). For 2021, the average production projection for the field remains at 14,000 barrels of oil per day, with a positive or negative variation margin of 10%.

See Also: Enauta Resumes Production at the Atlanta Field in the Santos Basin

Enauta, previously known as Quireoz Galvão, had announced in November 2020 the “preventive suspension” of production at the Atlanta field in the Santos Basin after corrosion was found in some of the equipment that could impair functionality.

The company then decided to replace the pipes of one of the offshore heaters of well 7-ATL-4HB-RJS from the field that produces oil via the Petrojarl I FPSO. “Once the definitive replacement was completed, the well resumed operation, reaching the expected production of 10.4 kbbl/day,” said Enauta in a statement.

Regarding the expectation for the resumption of production from the other wells, Enauta stated: “Well 7-ATL-3H-RJS is expected to resume production by the end of the first quarter of this year, with initial production estimated at around 10.0 kbbl/day. Well 7-ATL-2HP-RJS is expected to resume production in mid-2021.”