Enauta Closes Deal With Yinson to Convert FPSO OSX-2 and Integrate the System of Atlanta Field in the Pre-Salt of Santos Basin

The Agreement Provides for the Adaptation of the FPSO Through a Turnkey Engineering, Procurement, Construction and Installation (EPCI) Contract, with Warranty and Operation and Maintenance for 24 Months

Enauta recently signed a memorandum of understanding with Yinson Holdings Berhad for detailed engineering and commitment to long lead items for the FPSO OSX2. The company has an option for exclusive acquisition of the unit, which should be part of the definitive system of the Atlanta field, in the post-salt of the Santos Basin. The company holds a 100% interest in the area. The agreement with Yinson provides for the adaptation of the FPSO through a turnkey EPCI contract, with maintenance and operation guarantee for two years. The total investment amount will be US$ 500 million.

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Total Cost May Rise to US$ 2 Billion

Before production starts, Yinson will have an option to purchase the FPSO. If exercised, chartering, maintenance, and operation contracts for a period of 15 years will come into effect, with the possibility of extending the term for another 5 years, reaching a total value of US$ 2 billion for the 20 years.

The terms of the agreement are subject to the signing of definitive contracts, which are expected to occur with the sanctioning of the project, scheduled for the first quarter of next year.

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Enauta Signs Another Agreement with Yinson in August

About four months ago, the company signed a memorandum of understanding with Yinson for the direct and exclusive negotiation of the chartering agreements and activities for the FPSO that will make up the Atlanta field, in the post-salt of the Santos Basin.

The bidding to select the main suppliers of the equipment is still being organized, as planned. In addition to the FPSO, the investment for equipment and subsea well drilling is projected between US$ 500 and 700 million. Located in the post-salt of the Santos Basin, the Atlanta field is managed and operated by the company’s wholly-owned subsidiary, Enauta Energia S.A, with a 100% participation.

Enauta Reports Net Income of R$ 134 Million

According to the company’s Operations Director, Carlos Mastrangelo, in a joint understanding with Yinson, Enauta ensures that viable technologies will be installed to reduce carbon emissions.

According to the director, the adaptation of the FPSO, which may compose the Atlanta field, in the post-salt of the Santos Basin, will be a pioneering project regarding avoided emissions, which will optimize its environmental and operational efficiency.

Enauta’s results for the third quarter of this year, announced on the 10th of last month, showed a net income of R$ 134 million, which represents an increase of 351.7% compared to the same period in 2020. The company’s EBITDA reached R$ 438.8 million in the third quarter of this year, representing a growth of 182.3% compared to the same period in 2020.

Oil Registers Loss for the Week and Brazilian Market Raises US$ 2 Billion in Pre-Salt Oil and Gas Auction

Oil prices fell on Friday (12/17) and also decreased over the week, as the rise in cases of the Omicron variant heightened concerns that new restrictions would impact fuel demand.

The consortium formed by Total, Malaysia’s Petronas, Qatari QP, and Petrobras received the Sépia block, while the grouping of Petrobras, Shell, and Total obtained Atapu.

Sépia and Atapu, located in the marine basin of Santos, along the coasts of São Paulo and Rio de Janeiro states, already have proven reserves in the pre-salt, the coveted exploration horizon that Brazil discovered in very deep waters of the Atlantic Ocean, below a two-kilometer-thick layer of salt.

According to the proposal rules, the criteria for the award of the blocks were granted to the highest offer of exploration rights of the excess volumes, with a minimum set at 5.89% of the excess of the Atapu field and 15.02% of the Sépia field.