Brazilian oil company Enauta has decided not to sell its stake in the Manati offshore oil field in Brazil to Gas Bridge after the conditions required for the completion of the sale were not fulfilled.
Enauta had in August 2020 entered into an agreement with Gas Bridge S.A. for the sale of its 45% stake in the offshore field, and the transaction was subject to a series of commercial and regulatory conditions that should have been fulfilled by December 31st, 2021.
"With the expiration of the deadline, the company opted not to extend the deadline for fulfillment of the conditions precedent and decided to keep in its portfolio this important asset in terms of cash generation, revenue diversification, and improvement of the carbon footprint," Enauta said.
"Gas Bridge S.A. proposed to enter into negotiations with Enauta for a possible partnership between the companies to implement a natural gas storage project for Manati, if it succeeds in acquiring the stakes of other partners in the field. Interested in maximizing the use and value creation of Manati, Enauta will begin assessing this opportunity," Enauta said.
The Manati Field, located in the Camamu Basin, on the coast of Bahia, is one of Brazil’s largest gas fields.
Petrobras has a 35% stake, in the field, Enauta Energia owns 45%, GeoPark LTDA 10%, and Petro Rio Coral Exploração Petrolífera LTDA 10%.
The average production of the field in November was 3.42 million m3/d.
Related:
Brazil: Production Resumes from Manati Offshore Field (December 2021)