Enauta acquires stake in Shell-operated oil fields offshore Brazil for $150 million

December 26, 2023

(WO) – Enauta Participações S.A. has acquired QatarEnergy Brasil Ltda.’s 23% in the Abalone, Ostra and Argonauta oil fields, comprising the Parque das Conchas in the Campos basin.  The transaction amounts to a total of $150 million, with $15 million paid upon signing.

FPSO Espirito Santo (Source: Shell)

Parque das Conchas is operated by Shell, with a 50% equity stake, and ONGC holds the remaining 27%. Current oil production is approximately 35,000 boed from 25 wells connected to the FPSO Espírito Santo. In the first half of 2023, average production was 28,000 boed. The concession contracts are currently due by 2032.

The transaction is aligned with Enauta’s portfolio strategy, risk-adjusted return on capital, growth optionality’s and capital allocation efficiencies.  Parque das Conchas has competitive lifting and development cost, shares quality and logistics properties with Atlanta’s cluster oil trading. It also employs equivalent subsea production technologies and offers potential synergies with Enauta’s planned expansion campaign for the coming years.

Enauta is a Brazilian exploration and production company, with a balanced asset portfolio spread through the Brazilian coast and two producing assets: its 45%-owned Manati field, one of the main suppliers of gas to the Northeast region of Brazil, and the Atlanta field, located in the deep waters of the Santos basin, where the company is the operator with a 100% ownership stake.

Lead image source: Shell

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