Gas Bridge and Enauta Explore Implementation of a Natural Gas Storage Project for the Manati Field in the Camamu Basin, Bahia

The Project Involving Gas Bridge and Enauta for the Installation of 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 stated that it will retain the Manati Field in its portfolio. In this context, Gas Bridge proposed to the company a potential partnership for the installation of a project focused on natural gas storage for the Manati Field located in the Camamu Basin in Bahia. However, for this, Gas Bridge will have to complete the acquisitions of the stakes from Geopark and PetroRio, both at 10%. Enauta stated that it is interested in maximizing the use and generation of natural gas in the Field and will begin to evaluate the opportunity.

Read Other Related News

• Two of the Largest Oil Companies in the World, Exxon and Chevron Discuss Merger and Raise an Alarm in the Oil Industry
• Want to Work Aboard? The Merchant Navy Opens 100 High School Positions for the EFOMM Exam in Rio de Janeiro and Pará
• Solar Energy – Operational Capacity in Systems and Photovoltaic Plants Reaches 9 GW. Over R$ 46 Billion Were Invested, Generating More Than 270,000 Jobs
• TechnipFMC Requests on This Day 29, Marine Engineer and Other Professionals for Rio de Janeiro
• The Port Complex of Suape Will Begin Revising the Master Plan for Operational Improvements

Petrobras Also Shows Interest in Selling Its Stake

In August 2020, Enauta terminated negotiations for the sale of its 45% stake to Gas Bridge in Manati, Bahia. However, the commercialization was subject to a series of regulatory and commercial precedents that had to be met by December 31 of last year, which did not happen.

According to Enauta, with the end of the deadline, the company chose not to extend the period for meeting the precedents and to keep an important asset for cash generation, carbon footprint improvement, and revenue diversification in its portfolio.

Currently, the production consortium in Manati, Bahia, is formed by Petrobras, which holds a 35% stake, Enauta with 45%, PetroRio with 10%, and Geopark with 10%. As previously mentioned, Gas Bridge has signed agreements to purchase the stakes from PetroRio and Geopark. Additionally, Petrobras is still proceeding with the sale of its stake.

Crisis in the Captive Natural Gas Market

Due to a renewal of natural gas supply contracts by Petrobras with the 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 the current contracts for varying terms between 6 and 12 months. The representative of the distributors, Abegás, stated that in some states, the companies individually determined that they should request injunctions so that the judiciary would suspend the increase until the Cade assesses the merits of the representation that the entity made against Petrobras in November 2021 for anti-competitive practices. The estimate is that the adjustment will be around 50%.

Learn About the Manati Field in Bahia

Discovered in the 2000s, Manati began production only 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 Enauta’s history, as it was discovered by the first well drilled by a consortium with its participation.