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Elysian Petroleum Acquired 122 Concessions in the Permanent Offering of the Potiguar, Sergipe-Alagoas, and Espírito Santo Basins, Including Preliminary Studies and Signing Bonuses.
The newcomer Elysian Petroleum, a company newly established in August, surprised many by acquiring almost two-thirds of the blocks in the permanent concession offering this Wednesday (12/13). With ambitious plans to operate in the oil and gas sector, the company left more questions than answers about its future strategies.
The president of JMM Tech, a corporation recognized in the technology field, is the owner of Elysian Petroleum. The company has committed to investing around R$ 12 million in signing bonuses, using its own capital, to establish its exploration portfolio. Additionally, it secured 122 concessions in the Potiguar, Sergipe-Alagoas, and Espírito Santo basins, demonstrating its determination to establish a strong presence in the oil and gas market.
Innovative Extraction Techniques from Elysian Company
Everything on land, where operating costs are lower. Together, the areas will require investments of around R$ 400 million throughout the exploratory period.
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Error in Oil Auction
Machado assures that the company has sufficient own capital, at least for the initial investment commitments, of R$ 80 million.
From a technical standpoint, he mentioned that the organization hired a team of industry consultants. The names were kept confidential.
Need to Build a Broad Portfolio to Study the Potential of the Assets
When discussing the bonuses paid, he revealed that his criterion was to present proposals with R$ 1 thousand more than the minimum bonus.
‘I could say that I made a calculation, but that would be a lie. R$ 50 thousand was the minimum [for the bonus] and I just added a thousand more.
Broad Range of Areas for Preliminary Studies
Machado justifies the high number of blocks acquired by the need to create a broad portfolio for a more in-depth study of the assets’ potential.
‘We need to have a broad range of areas to conduct preliminary studies and know where there might be oil or not,’ he said to reporters after participating in the auction this Wednesday.
Introduction of New Technologies by JMM Tech in the Petroleum Sector
‘We were developing technologies for the oil and gas sector and realized we had the ANP auction and the financial conditions to participate, so why not do it?’, he replied to the question about the timing of the debut.
In the company’s institutional presentation on its official website, it states that it intends to adopt an extraction model that uses mobile structures instead of traditional fixed operation bases.
New Technology in the Oil and Gas Sector
‘What I do is create new technologies that are applicable in certain sectors. This is our goal at the moment: to develop new technologies, including in partnership with universities and research centers… Most of the technologies used to extract oil are the same as those from 80 years ago. I believe it is possible to advance what we have not yet advanced by making things that are not too large but focused on specific sectors,’ Ernani stated.
The businessman did not specify what technologies these are or if he currently supplies them to any company in the oil sector.
Initial Expectation for the Start of Work
The company will now undergo a phase to demonstrate the technical and economic conditions for the development of the contracted exploration.
The initial expectation is that work will begin in Potiguar, the main focus of the acquisitions, which already has ready infrastructure.
Qualification of Winning Companies
When asked if the new entrants will undergo some qualification to avoid adventurers, the general director of ANP, Rodolfo Saboia, stated that all winning companies will go through a qualification process to see if they meet the technical, economic, and financial conditions regarding the ability to apply the projected resources.
‘I do not see any reason for concern at this moment,’ he said.
He also mentioned that Elysian has already presented the guarantees in compliance with the regulations and met the requirements of the notice.
Source: EPBR
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