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With the Completion of the Sale of FPSO Atlanta to Yinson, Enauta Takes Another Important Step in Its Journey, Establishing Itself as One of the Leading Oil Operators in the Santos Basin.
On the night of last Tuesday (08/01), Enauta announced an important milestone in the oil and gas sector with the completion of the sale of FPSO Atlanta to Yinson. This strategic partnership will enable the expansion of production in the Santos Basin and bring significant benefits to both companies.
Vessel with Capacity for 50 Thousand Barrels of Oil Per Day Will Be Installed at Atlanta Field
The FPSO Atlanta is a large vessel with the capacity to process 50 thousand barrels of oil per day, in addition to 140 thousand barrels of water per day.
The platform also has significant power generation capacity, providing up to 20 MW of electricity.
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Brava Energia begins drilling in Papa-Terra and Atlanta and could change the game by reducing costs in oil while increasing production and strengthening competitiveness in the offshore market.
Additionally, it has a massive oil storage capacity, with 1.6 million barrels available.
This vessel will be installed at the Atlanta field, located in the Santos Basin, and will be operated by Enauta, one of the leading companies in the oil exploration and production sector in Brazil.
The expectation is that FPSO Atlanta will start its production in mid-2024, which will be possible thanks to the drilling of six wells in the region.
This new phase of production promises to further boost the exploration of resources present in the Santos Basin, a strategic area rich in oil reserves.
The sale process of FPSO Atlanta began in December 2021, when Enauta and Yinson signed a letter of intent for the conversion of FPSO OSX-2, which was later renamed FPSO Atlanta.
At the time, Enauta announced that Yinson would have an option to purchase the unit, subject to adequate financing.
Negotiation of US$ 465 Million Marks an Important Milestone for Enauta
With the effective conclusion of the deal, Yinson will acquire the entirety of the shares of AFPS B.V., a subsidiary of Enauta responsible for the ownership of the platform.
The total value of the transaction is estimated at US$ 465 million, with US$ 86 million being paid in cash and deferred payments from the EPCI contract, and the remaining US$ 379 million granted to Yinson in a 15-year financing.
Yinson will also assume the commitment to carry out the chartering, operation, and maintenance contracts of the FPSO Atlanta for 15 years, with the possibility of extending this term for an additional five years.
This agreement will represent a total value of US$ 2 billion over 20 years, starting from the beginning of the production of the platform.
For Enauta, “the completion of this transaction is an important milestone in reducing risks associated with the development of the Atlanta Field, reinforcing the timeliness of the FPSO Atlanta’s completion within the expected deadlines and budgets.” Moreover, exercising the option implies a reduction in Enauta’s net outlay until the platform’s completion, generating savings of approximately US$ 100 million.
With the advancement of this project, the expectation is that the Santos Basin will further consolidate itself as one of the main oil-producing regions in the country.
Contributing to Brazil’s economic development and job creation in the sector. The outlook is promising and brings optimism for the future of the oil and gas sector in the country.
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