QGEP Sets Profit Record, Becomes Enauta, and Focuses on Pre-Salt

Queiroz Galvão Exploration and Production (QGEP) Announced: It Is Now Called Enauta and Is Eyeing Pre-Salt Bidding Rounds

After reporting record profit in 2018, QGEP made some important decisions at the beginning of 2019. The name change to Enauta comes alongside the decision to acquire an area of the Pre-Salt in ANP auctions by next year.
The company plans to have a stake between 10% and 20% in one of the pre-salt areas, which its president, Lincoln Guardado, considered a crucial decision for this year or, at the latest, next year.

To make this happen, Enauta will focus on the 6th Pre-Salt Auction and the 16th ANP Concession Round, scheduled for the second half of the year.
Although it is following developments in the discussions over the mega auction of the Transfer of Rights, the company is not expected to make a bid, believing that the prices will be too high.
It is also part of the company’s strategic planning to divest its stake in the Pará-Maranhão basin, which should occur later this year.

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The Source of Profit

The increase in production from the Atlanta field was the main driver of the company’s record profit in 2018, which was a 19% increase compared to 2017, with a net profit of R$ 425 million.
Enauta operates the post-salt of the Atlanta field, in the Santos Basin, which also has potential at the pre-salt level, but this is not the company’s current focus.

Atlanta has been producing since last year and is expected to reach, in the third quarter of 2019, a volume of 25,000 to 27,000 barrels of oil equivalent per day, from a third well, drilling of which began in February.

Enauta plans to invest US$ 43 million of the total US$ 65 million in planned investments for this year in Atlanta. In 2020, the investment will more than double; the oil company expects to invest US$ 133 million, with US$ 90 million in Atlanta and US$ 43 million in other assets.
The company now holds 50% of block BS-4, along with Barra Energia, following the exit of Dommo (formerly OGX of Eike Batista), when the court decided to remove it for not making the expected investments in Atlanta’s development.

The Name Change

The company’s strategy aligns with that of other companies in the oil and gas industry, which seek a broader sense of energy, not solely based on hydrocarbons.
It is worth noting that Statoil recently changed its name to Equinor. In the case of Enauta, the bet is on natural gas, a less polluting fuel than oil, and in the future, the company’s focus should be on renewable sources, especially offshore, which is the company’s specialty.

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