Enauta – one of the leading independent oil and gas companies in Brazil – closed a contract with Petrobras for the acquisition of 100% of the Uruguá and Tambaú oil and gas fields, in the Bacia de Santos, for US$ 10 million. The transaction includes the gas transportation infrastructure that connects them to the Mexilhão field.
Of the total amount, US$ 3 million will be disbursed upon the signing of the contracts and the other US$7 million at the conclusion of the transaction.
This acquisition opens up a new business front for Enauta – the development of mature fields, with the possibility of reinvigorating production – which will benefit from the focused operations of one of the leading independent Brazilian companies that has operational synergies in the region.
The deal represents a landmark in the company’s business diversification. CEO Décio Oddone says that, “Enauta has acquired a set of assets to which it can add value, augmenting its portfolio. Its location in the Bacia de Santos, not far from the Atlanta and Oliva fields, enables the creation of an operational cluster and the securing of synergies”.
Acquisition of the FPSO Cidade de Santos: The Uruguá and Tambaú fields produce oil and natural gas through the FPSO Cidade de Santos, which has also been acquired by Enauta, from Modec. The total value of the transaction is US$ 48.5 million, with US$ 7.2 million disbursed at the signing of contract and settling of the remaining balance when the transaction is concluded. This deal is directly related to the acquisition of the Uruguá and Tambaú fields.
The FPSO has a production capacity of 25,000 barrels of oil and 10 million cubic meters of natural gas per day and it has a storage capacity of 700,000 barrels.
With regard to the acquisitions, Décio Oddone says that the company has been working diligently in seeking opportunities to increase the company’s production and cash generation. These transactions are aligned with the strategy of carrying out acquisitions at competitive prices, applying financial discipline and striving to improve the capital allocation and shareholder returns.
The fields are located approximately 80 km west of the position of the FPSO Atlanta and approximately 65 km from the Oliva field, enabling optimal resource sharing and logistics and bringing gains to the company in terms of strategy and scale.
During 2023, the fields recorded an average daily production of 5,400 barrels of oil and 353,000 cubic meters of natural gas – with peak production hitting 15,000 barrels of oil in 2015 and 2.65 million cubic meters of natural gas in 2016. Over the last five years, the average production has been approximately 7,400 barrels of oil equivalent per day.
Infrastructure: The natural gas flow infrastructure includes a 178 km pipeline, with a capacity of 10 million cubic meters, called the Uruguá-Mexilhão, which connects the FPSO Cidade de Santos to the Mexilhão branch of Route 1 and the natural gas processing plant in Caraguatatuba.
These acquisitions are also down to the performance of the company’s financial division, which sought greater proximity to market agents, structured the issuing of debentures and made progress in measures to reduce the costs.
Completion of the transaction is subject to the meeting of prior conditions, including the operational capacity of the platform and the approval of the pertinent authorities.
About Enauta
Enauta is one of the leading privately controlled companies in the exploration and production segment within Brazil. Operating along the country’s coast, Enauta has two production assets: the Atlanta field – located in the deep waters of the Santos Basin – which it operates and holds a 100% stake; and the Manati field – one of the main suppliers of gas to the country’s northeastern region – in which it holds a 45% stake. Listed at the Novo Mercado, in category B3, since 2011 – under the ENAT3 ticker symbol – Enauta operates with the focus on generating value for its shareholders and for society in general and is strongly committed to ESG issues. For more information, go to www.enauta.com.br.