Gas Bridge and Enauta are studying the implementation of a natural gas storage project for the Manati field, in the Camamu Basin, in Bahia

The project involving Gas Bridge and Enauta to install a natural gas storage project in the Manati field, in the Camamu Basin, located in Bahia, could generate dozens of new jobs and boost the gas market in Brazil            

In January, Enauta announced the completion of negotiations for the sale of its 45% stake to Gas Bridge, in Bahia, and announced that it will keep Campo de Manati in its portfolio. With that, Gas Bridge proposed to the company, an eventual partnership for the installation of a project focused on the storage of natural gas for the Manati field located in the Camamu Basin, in Bahia. However, for that, Gas Bridge will have to complete the acquisitions of parts of the Geopark and PetroRio, both at 10%. Enauta has stated that it is interested in maximizing the use and generation of natural gas in the Field and will begin evaluating the opportunity.

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Petrobras also shows interest in selling its stake

In August 2020, Enauta ended negotiations for the sale of its 45% stake to Gas Bridge in Manati, Bahia. However, the sale was subject to a series of regulatory and commercial conditions precedent that should have been fulfilled by December 31 of last year, which did not happen.

According to Enauta, with the end of the term, the company chose not to extend the period for compliance with the conditions precedent and maintain in its portfolio, an important asset for cash generation, improvement of the carbon footprint and revenue diversification .

FASHION – FREE MARKET

Currently, the producer consortium in Manati, Bahia, is formed by Petrobras, which has a 35% share, Enauta, with 45%, PetroRio, with 10% and Geopark with 10%. As previously mentioned, Gas Bridge has already signed agreements for the purchase of shares in PetroRio and Geopark. In addition, Petrobras is still in the process of selling its stake.

Crisis in the captive Natural Gas market

Due to a renewal of natural gas supply contracts by Petrobras, in relation to state distributors, the year is starting with a crisis in the captive natural gas market.

Injunctions in the states of Santa Catarina, Sergipe, Rio de Janeiro, Alagoas and Ceará continue with current contracts for terms that vary between 6 and 12 months. The representative of the distributors, Abegás, stated that in some states, the companies understood individually that they should request injunctions so that the courts could suspend the increase until Cade's assessment of the merits of the representation that the entity made against Petrobras in November 2021 due to anti-competitive practices. The estimate is that the adjustment will be around 50%.

Discover Campo de Manati in Bahia

Discovered in the 2000s, Manati had its production only started in 2007 and was one of the largest non-associated natural gas fields in the country. It is located in the Camamu Basin, on the coast of the state of Bahia, and is a milestone in the history of Enauta, given that it was discovered by the first well drilled by a consortium with its participation.