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The Current Consortium of the Manati Gas Field is Comprised of Petrobras (35%, Operator), Enauta (45%), PetroRio (through Brasoil Manati, 10%) and Geopark (10%).
After announcing a net profit increase of 22% with oil production in the third quarter of 2020, the Brazilian oil company PetroRio reported today (11/05) the sale of its 10% participation in the Manati Field (natural gas field), located in Bahia, to Gas Bridge S.A. The transaction value is R$ 144 million.
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PetroRio will transfer all of its responsibilities in the field, including expenses when abandoning the field. The transaction, however, is subject to certain conditions. Gas Bridge, for example, must successfully acquire the operation of Manati from Petrobras.
The payment will be made to the Brazilian oil company in a fixed amount of R$ 124.4 million and an earn-out of R$ 20 million subject to regulatory approvals related to the field.
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In August of this year, Enauta had announced the sale of its 45% participation in the Manati Field also to Gas Bridge for R$ 560 million with an effective date of December 31, 2020.
The effective date of the sale of the Manati field in Bahia is December 31, 2020. Until then, PetroRio will continue to have the right to generate cash from the Field.
Currently, the consortium of the Manati gas field is comprised of Petrobras (35%, operator), Enauta (45%), PetroRio (through Brasoil Manati, 10%) and Geopark (10%).
Discovered in 2000 and production started in 2007, Manati is one of the largest non-associated natural gas fields in production in Brazil. Located in the Camamu Basin, on the coast of Bahia state.
PetroRio is Close to Taking Over 100% of the Frade Oil Field in the Campos Basin
The National Agency of Oil, Natural Gas and Biofuels (ANP) approved the transfer of 30% of Petrobras’s stake in the Frade field to PetroRio, which will hold 100% of the asset upon completion of the operation.
PetroRio has already submitted to the ANP all the documentation regarding the abandonment guarantee, a condition for the final approval of the operation by the Agency. After this final approval, PetroRio will become the operator of 100% of the oil field.
At the time, PetroRio purchased the 30% stake from Petrobras for US$ 100 million.
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