Gas Bridge buys 45% of Enauta's stake in the Manati natural gas field in Bahia

It is expected that Enauta will pocket 3 billion reais for the sale of its entirety in the Manati natural gas field, in Bahia. But value can be modified depending on regulatory and commercial conditions

Enauta Energia sold its entire stake (45%) to Gas Bridge in the Manati natural gas field, in the shallow waters of the Camamu Basin, in Bahia. The announcement was made last Sunday (17/08) by Enauta. Oil tanker heading to Brazil broke in two and spills nearly a thousand tons of oil on a reef in Mauritius

Read also

• ANP received requests from twelve oil companies to postpone exploration of oil and gas blocks.
• Third platform in Petrobras' Mero field will be built by MISC
• 3R Petroleum buys Petrobras fields in the Potiguar Basin, in the state of Ceará

The agreement involves 560 million dollars, equivalent to around 3 billion reais, Enauta said, noting that the amount is subject to the overcoming of contractual conditions and “may be increased depending on certain events and regulatory and commercial conditions”.

Enauta also said that, under the terms of the agreement, the cash flow related to the Manati natural gas field will remain with the company until December 31 of this year.

“It is estimated that all acts necessary to conclude the contract, including payment of the purchase price, will be carried out by December 31, 2021,” added Enauta Energia in the statement.

The natural gas field of Manati, in shallow waters of the Camamu Basin, in Bahia, is one of the two sources of revenue for Enauta Energia, which also operates the Atlanta field, in deep waters of the Santos Basin.

Enauta reported consolidated net income of R$127,8 million in the second quarter. The result represents a jump of 526% over the same period last year.

Even in what is considered the worst quarter of the year, due to the coronavirus pandemic, the oil company managed to increase its daily production, compared to the previous quarter and the same period of 2019.

Daily production of oil was 14,6 thousand barrels of equivalent, and that of gas, 3,2 thousand barrels of equivalent. In the first quarter, volumes were 11,4 thousand and 5,7 thousand, respectively.

About Gas Bridge

Gas Bridge is a partnership created by João Carlos de Luca, former director of Petrobras and former president of IBP, Marco Tavares, founder of Gas Energy, and Esteban Papanicolau, who led the development of new businesses for Nova Gas International and TransCanada Pipelines in the Southern Cone in the 90s. 

Gas Bridge has also been moving to bring Bolivian gas to Brazil. The company, together with Compass, from the Cosan group, was qualified by TBG in the second public call for contracting transport capacity for Gasbol (Bolivia-Brazil gas pipeline).