Enauta, one of the leading independent oil and gas exploration and production companies, ended the third quarter of 2023 with significant progress in the Atlanta project. The company also completed the drilling of production wells for Phase 1 of the Definitive System and resumed production in the Pilot System, on November 5th.

In the quarterly results, released this Friday (10/11), Enauta emphasized that Phase 1 of the Atlanta project is 85% complete. The FPSO should depart from Dubai on lease in the first quarter of 2024 and the first oil is expected in August of that same year.

With an investment of up to US$ 1.2 billion, the Atlanta project will operate with an FPSO that will increase the production capacity of the field (bearing the same name) by up to 50,000 barrels of oil per day, and it has storage capacity for up to 1.6 million barrels.

Looking back at the 3Q23, detailed engineering and a 2024 contract for equipment with longer delivery times were approved, for the potential development of the Oliva Field. It belongs to the same concession as the Atlanta field, acquired by Enauta in 2011. The Oliva field is located 18 km from the Atlanta field and its main reservoir is 2,500 meters deep, containing an estimated volume of more than 348 million barrels of oil in place.

During this quarter, the 2nd stage of the debenture issue, worth R$ 1.1 billion, was completed, thereby strengthening the company’s balance sheet. In September, the company showed an adjusted cash position of R$ 3.7 billion. And following Yinson’s exercising of the option to acquire the FPSO Atlanta, the credit receivable of US$ 323 million (R$ 1.6 billion), related to the long-term financing of the platform, was recognized in the 3Q23.

Investments totaled US$ 61 million. spread across Phase 1 of Atlanta (US$ 44 million for completion of the production wells, implementation of the subsea system and the FPSO pre-anchoring campaign) and the Pilot System (US$ 17 million, relating to scheduled maintenance downtime and bringing forward the stoppage scheduled for 2024).

The company saw consolidation of independent governance, with the overhauling of its Supervisory Board.

 

Production

 

Oil production, which was halted for much of the quarter, resumed in November, following improvements to the electrical components of the Atlanta Pilot System’s subsea pumping equipment. However, the stoppage was one of the factors affecting the balance sheet, along with optimization of the exploration portfolio, with the transferring of blocks off Espírito Santo state.