Enauta Invests $1.2 Billion and Hires Yinson to Adapt FPSO OSX-2, Platform for the Definitive System of the Atlanta Field

The Investment Can Be Reduced by US$ 100 Million If Yinson Exercises the Purchase Option for the FPSO OSX-2, Acquired by Enauta and That Will Be Responsible for Production Starting in 2024

Enauta made a major decision and announced this week its final decision regarding the investment in a new and definitive system intended for the Atlanta Field, which is located in the Santos Basin. The company reported that it will invest an amount of around US$ 1.2 billion in the project, including the immediate hiring of a dedicated 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 50,000 barrels of oil and process about 140,000 barrels of water per day.

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Learn More About the Atlanta Field Project

The contracted vessel is expected to start operations 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 eliminates the total need for water or gas injection, which, according to the company, makes the project much more robust.

Enauta also signed contracts with Yinson for the conversion of the FPSO OSX-2, under the same terms that were analyzed, agreed upon, and described in the Letter of Intent, which was released in mid-December 2021.

Atlanta Field Will Feature a System Full of Efficient Technologies for Field Operations and FPSO OSX-2

According to Enauta’s CEO, Décio Oddone, the implementation of the so-called ‘Definitive System of Atlanta’ will significantly increase production in the Atlanta field, as well as enhance the Company’s resilience.

Oddone also stated that, regarding the lessons learned from the Early Production System, the Definitive System of Atlanta also includes several efficient technologies that are capable of reducing costs and also greenhouse gas emissions.

Enauta’s CEO expressed great satisfaction in having developed such a large project, which will be quite competitive throughout the energy transition, in addition to providing significant returns 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 another US$ 100 million of funding, which will come into effect after the start of production. There is also another US$ 500 million exclusively for the production unit of the Atlanta field.

If Yinson decides to exercise the purchase option for the FPSO OSX-2, a chartering contract will be established, with a 15-year term tied to financing, which will occur within 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 granted to Yinson for the purchase of the vessel.