Enauta, one of the leading independent oil and gas exploration and production companies, recorded revenue of R$ 420 million and EBITDAX of R$ 319 million in the second quarter of 2023, according to balance sheet data released on Thursday (03/08).

During this period, Enauta has confirmed a new oil accumulation in the Atlanta field, which augments the company’s organic growth option. Estimated in-place resources exceed 230 million barrels of oil.

The drilling campaign for wells #6 (“7-ATL-6H-RJS”) and #7 (“7-ATL-7HA-RJS”) is proceeding, with completion scheduled for the third quarter of this year.

The refitting of the FPSO Atlanta continues, without any delays in the schedule. A variety of subsea equipment has already been delivered and the new multiphase pumping system should be available in the first half of 2024. The first oil is still scheduled for the middle of next year.

In July, Yinson, one of the largest global FPSO operators, exercised its option to purchase the FPSO Atlanta and initiated a chartering, operation and maintenance contract for the platform, for a period of 15 years, which can be extended for another five years.

Additionally, the company continues to study the development of the Oliva field, as a further growth opportunity.

Non-recurring factors affected the results in the quarter, such as the lower volume produced and sold, due to the scheduled shutdown of Atlanta being brought forward; the temporary tax on oil exports; the decline in the price of Brent oil, as well as appreciation of the real and the issuing of long-term debt securities, carried out in December/2022.

In this context, the company’s net profit was R$ 41 million for the period.

 

Investment

Investments (CAPEX) totaled US$ 144 million in the 2Q23. More than 98% of the planned items for implementation of Phase 1 of the FPSO Atlanta are already under contract with world-class domestic and foreign suppliers. This is Enauta’s main investment and is one of the largest in the oil and gas sector in Latin America. The team’s constant monitoring maintains strict adherence to the originally planned schedule and budgets, reinforcing the start of production by the FPSO Atlanta in mid-2024. Enauta’s cash position in the second quarter closed at R$ 1.7 billion.