QGEP breaks profit record, becomes Enauta and focuses on Pre-salt

Queiroz Galvão Exploração e Produção (QGEP) announced: it is now called Enauta and is watching the pre-salt bidding rounds

After registering record profits in 2018, QGEP took very important decisions at the beginning of 2019. The name change, now Enauta, is accompanied by the decision to purchase a pre-salt area in ANP auctions until next year.
The company plans to have a stake of between 10% and 20% in one of the pre-salt areas, which was considered by its president, Lincoln Guardado, a key decision for this year or next year at the most.

For this to happen, Enauta will focus on the 6th Pre-salt Auction and the 16th ANP Concessions Round, scheduled for the second half.
Even following the unfolding of the discussions of the Assignment of Rights mega auction, the company should not make an offer, as it believes that they will come too high.
It is also part of the company's strategic planning to dispose of its stake in the Pará-Maranhão basin, which should take place later this year.

Responsible for profit

The increase in production at the Atlanta field was largely responsible for the company's record profit in 2018, which was 19% compared to 2017, with a net profit of BRL 425 million.
Enauta operates the post-salt field in Atlanta, in the Santos Basin, which also has possibilities at the Pre-salt level, but this is not yet the company's focus.

Atlanta has been producing since last year and should reach, in the third quarter of 2019, a volume of 25 thousand and 27 thousand barrels of oil equivalent per day, from a third well, whose drilling began in February.

Enauta plans to invest in Atlanta US$ 43 million of the total of US$ 65 million of investments foreseen for this year. In 2020, the investment will more than double, the oil company expects to invest US$ 133 million, US$ 90 million in Atlanta and US$ 43 million in other assets.
The company now owns 50% of the BS-4 block, together with Barra Energia, after the departure of Dommo (former OGX owned by Eike Batista), when the court decided to exclude it for not making the planned investments in the development of Atlanta.

the name change

The company's strategy is in line with that of other companies in the oil and gas industry, which are looking for a broader sense of energy, not just based on hydrocarbons.
It is worth remembering that Statoil recently became 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, mainly at sea, which is the company's specialty.

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