Brazil’s Enauta mulls abandoning Atlanta field
Enauta is considering abandoning the Atlanta field, off Brazil’s southeast coast, the oil company said Tuesday.
The studies for returning the asset to the government will be accelerated because its 50% partner Barra Energia will farm-out the undertaking, which was also announced Tuesday.
“The company will evaluate by November 28 if it will take over Barra Energia’s share in the field or proceed with the joint abandonment,” Enauta said in a statement, adding that Atlanta’s anticipated production system would continue operating while economically feasible.
If Enauta exits Atlanta, it will cease oil and gas production at least temporarily, since the firm sold its interest in its other production field, Manati, to Gas Bridge in August.
A heavy oil, shallow-water field in the Santos basin, Atlanta’s future has been under reassessment amid the oil price slump as a consequence of the COVID-19 pandemic.
“The oil price monitoring, as well as the pandemic development, are preponderant factors for the consortium to define the next steps for the development of Atlanta’s Definitive System, whose FPSO bidding process has been postponed for the second half of 2020,” Enauta said in its second quarter earnings report.
Atlanta development included the installation of an FPSO with production capacity of 50,000b/d of oil, connected to 12 producing wells, in 2022.
According to the latest data from regulator ANP, Atlanta produced 14,300b/d of oil and 109,200m3/d of natural gas in September, half of its February output, before social distancing measures were implemented.
Altera Infrastructure (formerly Teekay Offshore) operates the Petrojarl I FPSO in the field, capable of producing 46,000b/d of oil.
In the exploration segment, Enauta operates blocks FZA-M-90, in the Foz do Amazonas basin and PAMA-M-265 and PAMA-M-337, in Pará Maranhão.
It holds shares in blocks CE-M-661 (Ceará, in partnership with Total and Premier Oil), in addition to nine Sergipe-Alagoas concessions, with ExxonMobil, and in two (ES-M-598 and ES-M-673) in the Espírito Santo basin, with Petrobras.
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