Debt-Free and With Two Billion Reais in Cash, Brazilian Oil Company Enauta Looks to Make Acquisitions

Written by Flavia Marinho

Published on 22/10/2020 at 11:24

Enauta enxerga oportunidades em campos maduros à venda pela gigantes do petróleo, em meio a um cenário de preços baixos trazido pela pandemia de coronavírus

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Enauta Sees Opportunities In Mature Fields For Sale By Oil Giants, Amid A Low Price Environment Brought By The Coronavirus Pandemic

Décio Oddone, the new president of Brazilian Enauta, took command of the company in September with about 2 billion reais in cash to restore its portfolio and is already looking to make purchases.U.S. Will Invest 1 Billion Dollars In Brazil In Oil And Gas Projects, Infrastructure, Mining, Renovation Of The Angra 1 Nuclear Power Plant, And Telecommunications

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Focused on deep waters, the oil company is divesting one of its only two operational assets – the natural gas field of Manati, in Bahia – and is open to opportunities in shallow waters and onshore areas, aside from its more traditional investments in deep waters, Oddone stated.

“The mission now is to restore the portfolio,” said Oddone, who took command of Enauta after serving for four years as the director-general of the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

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Enauta plans to drill the first well in its nine blocks in partnership with Exxon Mobil and Murphy Oil in the second half of 2021, the executive added.

“The mission now is to restore the portfolio”, said Oddone, who took command of Enauta after serving for four years as the director-general of the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The mature fields put on the market as oil giants adjust to a lower commodity price environment brought by the coronavirus pandemic create opportunities for a debt-free producer with high liquidity, Oddone said, adding that the company prefers assets it can operate.

Investments Of Enauta

Enauta produced 15,000 barrels of oil equivalent per day in the third quarter, including natural gas production from its stake in the Manati field, sold to Gas Bridge in August for 560 million reais.

The majority of Enauta’s production comes from the Atlanta field, located in deep waters off the Brazilian coast. Plans to hire a new platform for Atlanta, initially scheduled for August, were postponed due to the fall in international oil prices and currently have no defined date.

Debt-Free and With Two Billion Reais in Cash, Brazilian Oil Company Enauta Looks to Make Acquisitions

Enauta Sees Opportunities In Mature Fields For Sale By Oil Giants, Amid A Low Price Environment Brought By The Coronavirus Pandemic

Read Also

Investments Of Enauta

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