With ANP approval, Enauta takes over the entire operation at the Atlanta Field and plans to double oil production capacity

Enauta announced this morning the approval of the ANP, for the company to fully operate the Atlanta Field, in the Santos Basin

The company Enauta informed this Friday morning that the National Agency of Petroleum, Gas and Biofuels (ANP) approved the creation of guarantees for the company to assume 100% of the Atlanta Field, located in the Santos Basin. This operation aims to double the company's oil production. See also: Enauta launches a tender to adapt an FPSO, which will operate in the Atlanta field, in the Santos Basin

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Enauta and the Atlanta Field, in the Santos Basin

According to Enauta, the ANP approved the corporate modality as a financial guarantee instrument for asset decommissioning. In the coming days, an amendment to the concession contract will be signed so that 50% of the exploration rights of the oil field will be transferred to the company.

Décio Oddone, CEO of Enauta, says that with the permanent transfer of the Atlanta field, they will take another important step towards increasing the company's cash generation. The CEO also pointed out that they will soon have the three oil wells in production, which will allow meeting the demand for Atlanta oil in a positive price environment.

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The oil company forecasts an increase in oil production at the Atlanta Field

According to a material fact disclosed on December 21, 2020, the agreement signed with Barra Energia do Brasil Petróleo e Gás provides for the transfer of US$ 43,9 million to Enauta Energia, referring to the future abandonment of three wells and the decommissioning of existing facilities at the Atlanta Field. The receipt of this amount will occur after the signature of the amendment to the Concession Agreement.

With this, Enauta — which already owns half of the field's production — will start to recognize all the results of the Atlanta field and report a total pumping of around 18 thousand barrels of oil per day, a record volume for the company (added the company in material fact). For 2021, the average production projection for the field remains at 14 thousand barrels of oil per day, with a positive or negative variation margin of 10%.

See also: Enauta resumes production at the Atlanta field in the Santos Basin

Enauta, formerly known as Quireoz Galvão, had announced in November 2020 the “preventive suspension” of production at the Atlanta field, in Santos Basin after corrosion found in some of the equipment that could impair functionality.

The company then decided to replace the tubes of one of the offshore heaters of well 7-ATL-4HB-RJS in the field that produces oil via Petrojarl I FPSO. “After the definitive replacement was completed, the well returned to operation, reaching the expected production of 10,4 kbbl / day”, Enauta said in a statement.

On the expectation of resumption of production from the other wells, Enauta said: “Well 7-ATL-3H-RJS should resume production by the end of the first quarter of this year, with initial production estimated at around 10,0 kbbl / day. Well 7-ATL-2HP-RJS is expected to resume production in mid-2021”.