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Gas Bridge Finalizes Purchase of 10% of Manati Aiming at Gas Storage.

Written by Paulo Nogueira

Published on 16/11/2023 at 18:08

Oil and Gas

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The Acquisition of PRIO’s Stake in the Gas Concession Has Been Completed by the Lorinvest Group Company.

The company Gas Bridge Storage (GBS), belonging to the Lorinvest group and specialized in natural gas storage, announced the completion of the acquisition of 10% of PRIO‘s stake in the Manati field, located off the coast of Bahia, this Thursday (11/16).

With this transaction, GBS becomes part of the Manati field concession and is looking at future opportunities to convert the field, at the end of its useful life, into a gas storage business.

PRIO announced that it received the remaining payment from Gas Bridge for the sale of the asset, totaling R$ 85.7 million, after price adjustments. The independent oil company had received R$ 24.8 million upon signing the contract in November 2022. PRIO’s stake in the Manati field was acquired in 2017 for R$ 140 million, and the company justified its decision to exit the business as part of its dynamic asset portfolio management, focusing on assets under its operation.

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Manati Returns 3.4 Times the Invested Capital

According to PRIO, the Manati field generated a return of 3.4 times the invested capital. Manati, operated by Petrobras (35%), in partnership with Enauta (45%), PRIO (10%), and Geopark (10%), sells all the gas produced in the field to the state-owned company.

Gas Bridge is eyeing the potential for developing a gas underground storage business in the field after its depletion. As early as 2020, Gas Bridge signed contracts to acquire the stakes of Enauta and Geopark in Manati, looking for future opportunities.

In 2022, Enauta decided not to proceed with the sale of its stake in Gas Bridge, stating that the company had not met the agreed purchase deadline. Furthermore, Enauta reassessed its plans for the asset, due to the appreciation of natural gas prices in the market in 2021, which resulted in an increase in the concession’s value.

Subsequently, Gas Bridge suggested a possible partnership with Enauta for the implementation of a natural gas storage project in the field.

In May of this year, Enauta’s CEO, Décio Oddone, mentioned that, initially, in the past, the idea “did not seem feasible”, but it “remains a possibility, especially if there is more definitive regulation”.

“With clearer regulation, perhaps the economic viability will come closer, however, we are currently not planning to implement a storage project in Manati, but we are also not ruling out that possibility,” stated the executive during a teleconference with analysts and investors in May.

Source: EPBR Agency

Gas Bridge Finalizes Purchase of 10% of Manati Aiming at Gas Storage.

The Acquisition of PRIO’s Stake in the Gas Concession Has Been Completed by the Lorinvest Group Company.

Manati Returns 3.4 Times the Invested Capital

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Gas Bridge Finalizes Purchase of 10% of Manati Aiming at Gas Storage.

The Acquisition of PRIO’s Stake in the Gas Concession Has Been Completed by the Lorinvest Group Company.

Manati Returns 3.4 Times the Invested Capital

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Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

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