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The acquisition of PRIO's stake in the gas concession was completed by the Lorinvest group company.
The company Gas Bridge Storage (GBS), belonging to the group Lorinvest and specialized in natural gas storage, announced the completion of the acquisition of 10% of the stake in PRIO: in the field of Sea cow, located on the coast of Bahia, this Thursday (16/11).
With this transaction, GBS becomes part of the Manati field concession and is eyeing future opportunities to convert the field, at the end of its useful life, into a gas storage business.
PRIO announced that it received from Gas Bridge the remaining portion for the sale of the asset, in the amount of R$85,7 million, after price adjustments. The independent oil company had received R$24,8 million when the contract was signed in November 2022. PRIO's stake in the Manati field was acquired in 2017 for R$140 million, and the company justified the decision to exit the business as part of dynamic management of the asset portfolio, focusing on assets under its operation.
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Sea cow returns 3,4 times the capital invested
According to PRIO: , the field of Sea cow generated a return of 3,4 times the capital invested. Sea cow, operated by Petrobras (35%), in partnership with Enjoy (45%), PRIO: (10%) and Geoparks (10%), sells all the gas produced in the field to the state-owned company.
A gas bridge is keeping an eye on the potential for developing the underground gas storage business in the field after it is exhausted. In 2020, the gas bridge signed contracts to acquire the shares of Enjoy e Geoparks em Sea cow, envisioning future opportunities.
In 2022 the Enjoy made the decision not to proceed with the sale of its stake in gas bridge, justifying that the company had not met the established purchase deadline. In addition Enjoy reevaluated its plans for the asset, due to the appreciation in the price of natural gas in the market in 2021, which resulted in the concession's value increasing.
Subsequently, the gas bridge suggested a possible partnership with Enjoy for the implementation of a project natural gas storage in the field.
In May of this year, the CEO of Enuata, Décio Oddone, mentioned that, initially, in the past, the idea “did not seem feasible”, however, it “remains a possibility, especially if there is more definitive regulation”.
“With clearer regulation, perhaps economic viability will become closer, however, we are currently not planning to implement a storage project in the Sea cow, but we are not ruling out this possibility either”, said the executive during a conference call with analysts and investors in May.
Source: EPBR Agency
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