The investment can be reduced by US$ 100 million if Yinson exercises the option to purchase FPSO OSX-2, acquired by Enauta and which will be responsible for production from 2024
Enauta made a major decision and announced this week its final decision regarding the investment in a new and definitive system for the Atlanta Field, which is located in the Santos Basin. The company reported that it will invest around US$ 1,2 billion in the project, including the immediate contracting of an exclusive platform vessel for the area. The FPSO OSX-2, which will be installed in the Atlanta field, will have a total capacity to produce around 50 barrels of oil and process around 140 barrels of water per day.
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Learn more about the Atlanta Field project
The contracted vessel is expected to start operating by mid-2024 and in its initial phase will have six interconnected wells. According to Enauta, since the Atlanta Field has an active aquifer, it rules out the total need for water or gas injection, which, according to the company, is what makes the project much more robust.
Enauta also signed contracts with Yinson, for the conversion of FPSO OSX-2 to be carried out, under the same terms that were analyzed, agreed and described in the Letter of Intent, which was released in mid-December 2021.
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Atlanta field will feature a system full of efficient technologies for field and FPSO OSX-2 operations
According to Enauta's CEO, Décio Oddone, the implementation of the so-called 'Atlanta Definitive System' will considerably increase production in the Atlanta field, as well as increase the Company's resilience.
Oddone also said that, in relation to the lessons learned in the Early Production System, the Definitive System in Atlanta also has several efficient technologies, which are capable of reducing costs and also the emissions of gases from the greenhouse effect.
Enauta's CEO said he was very satisfied with having developed a grandiose project like this one, which will be very competitive throughout the energy transition, in addition to the ability to provide a significant return to Enauta's shareholders.
Investments in the Atlanta Field project
According to Enauta, the total approved investment amount is around US$ 1,2 billion, entirely allocated to the project, in addition to including an additional US$ 100 million in funding, which will come into force after the start of production. There is also another US$ 500 million related exclusively to the Atlanta field production unit.
If Yinson decides to exercise the option to purchase FPSO OSX-2, a charter contract will be entered into, with a 15-year term linked to financing, which will be given in the same period. In this specific case, the total project investment, even with all these amounts, will be reduced by US$ 100 million, due to the financing that may be assigned to Yinson, for the purchase of the vessel.