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Petrobras Is Abandoning the Discovery of Camarão Norte Located South of the Manati Field on the Brazilian Coast
The Manati field is operated by Petrobras and QGEP is one of its partners. QGEP announced on Thursday that the Consortium of Block BCAM-40 has begun the withdrawal process with the National Agency of Petroleum, Natural Gas and Biofuels (ANP) for the discovery of Camarão Norte.
QGEP holds 45% of the discovery of Camarão Norte, which was declared commercial in 2009. After evaluating several development plans and potential enhancements for the adjacent area, the consortium concluded that the area is not economically viable and chose to relinquish, said QGEP.
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The book value of the discovery of Camarão Norte is R$ 2 million (US$ 528,700) net for QGEP and will be written down as a charge against the company’s third-quarter results. + See Also: Petrobras Will Buy Part of Odebrecht in the Company Logum+
The Manati field is located in the Camamu Almada Basin and covers approximately 76 km² in a water depth of 35 m. Discovered in 2000 and actively producing since 2007, the field has become one of the largest non-associated gas fields in Brazil. The wells are connected by subsea lines attached to the PMNT-1 platform, a fixed production unit installed at a depth of 35 m and 10 km from the shore.
The Camarão Norte field, like the Manati field, originates from Block BCAM-40 and gas production from Camarão Norte would have to be accessed using the operational infrastructure of the Manati field.
