Brazil’s Enauta Takes Over Atlanta Field

Brazilian oil company Enauta Participacoes announced on Monday morning it has taken full ownership of the offshore Atlanta field as its partner pays to abandon the project with 1.3 billion barrels of reserves.

Brazilian oil company Enauta Participacoes announced on Monday morning it has taken full ownership of the offshore Atlanta field as its partner pays to abandon the project with 1.3 billion barrels of reserves.

In a securities filing on Monday morning, Enauta Participacoes said that Barra Energia do Brasil Petroleo e Gas would have to pay $43.9 million in order to abandon three wells and decommission facilities there. 

Barra Energia is leaving the joint venture with the oil company, in which it had a 50 percent stake. According to TV network O Globo, the project has lifted just 1.25 percent of estimated reserves.

“We believe it is possible to develop a more resilient project that can create value despite a scenario of lower oil prices. Despite the coronavirus crisis and the different difficulties that have appeared this year, we’re still going to take this step,” Enauta Chief Executive Decio Oddone said in the filing.


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