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In a surprising move that could redefine the directions of the energy sector in Brazil, a new oil and gas company emerges from the merger between 3R Petroleum and Enauta.
But what really stands out is not only the creation of a new national oil company, but rather the bold decision not to invest in renewable fuels, a choice that goes against the global trend. Why would a newly formed company take such a distinct path?
According to the president of the new oil company, Décio Oddone, “it is not in our proposal to invest in renewable energy.” This statement was made at a press conference held last Friday (02). The decision, which is still awaiting final approval from the board of directors scheduled for November, already points to a clear focus: low-risk oil and gas projects.
The first board meeting took place on Thursday (01), the same day the new company’s shares began trading on B3 under the symbol RRRP3, still representing 3R. However, it is expected that the company’s name will change soon.
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The merger resulted in a combined production of 80 thousand barrels of oil per day, with a new field about to come online. The Atlanta project, located in the Campos Basin, is awaiting authorizations to begin operations, with an initial capacity of 50 thousand barrels per day.
This field is the first in Brazil to be fully developed by a national private oil company, currently producing about 20 thousand barrels daily through a temporary system.
The new company is born from the union of the complementary portfolios of 3R and Enauta. Enauta, founded in the 2000s, focused on exploring new oil and gas reserves, while 3R, established in the late 2010s, acquired older assets from Petrobras.
According to Oddone, this combination allows for synergies like sharing equipment and logistical services for producing fields. Oddone emphasized that the new oil company will seize opportunities for consolidation in the global oil market.
He cited examples of American companies like Chevron and Exxon, which have invested in unconventional assets. In Brazil, recent developments of new oil companies have focused on acquiring Petrobras assets, resulting in concentrated and less diverse portfolios.
The new 3R has participation in four offshore oil fields, three already in production, along with land fields in Espírito Santo, Bahia, and Rio Grande do Norte. The infrastructure includes the flow and treatment of oil and gas and a small refinery acquired from Petrobras.
Although there are still no concrete details on growth plans, Oddone indicated that the company will not have large exploratory investments in new frontiers, even though Enauta has concessions in the equatorial margin and in deep waters off Sergipe.
With a robust cash position of US$ 1.6 billion and low debt levels, the new company does not rule out future acquisitions if good consolidation opportunities arise. The strategic plan being developed will define compensation and dividend policies, maintaining a minimum forecast of distributing 25% of net profit.
The main shareholders of the new oil company include Gerval Investimentos (8.4%), from the Gerdau family, the South African fund Coronation (5%), and Maha Energy (5%), as well as Bradesco and BNDES. With this backing, the company aims to deliver solid results and focus on sustainable growth within the oil and gas sector.
And you, what do you think of this bold new strategy of avoiding investments in renewable energies? Will this decision benefit the new oil company in the long term?
Muito bom mais uma empresa do ramo de petróleo brasileira, parabéns eu só espero que o governo brasileiro não queira botar ministro de pra gerenciar essa empresa.
É muito estranha tal visão! Penso que o planejamento de longo prazo dessa empresa não alcance a metade da década de 2030. Tipo, tá nem aí para as consequências climáticas que já ocorrem no mundo todo. Será que eles já têm pra onde correr? 🤔
Todas as petroleiras deviam deviam investir uma porcentagem dos seus lucros em energia e combustíveis renováveis porque o combustível fóceis são os culpados pelo poluição e aumento do dióxido de carbono na atmosfera e plantar florestas do biomas.