Oil and gas company Enauta signed a purchase and sale agreement with affiliates of Westlawn Americas Offshore (WAO), which will acquire a 20% stake in the BS-4 concession, which includes the Atlanta and Oliva fields, offshore Brazil.
WAO is a portfolio company of the Westlawn Group and has several interests in the offshore basins of the Gulf of Mexico.
The deal will bring US$301.7 million to Enauta, which will be paid at the closing of the transaction and subject to adjustments related to net cash flow with investments for the delivery of Atlanta and Oliva generated between the effective date of November 1, 2023 and the closing date of the transaction. .
As part of the transaction format, US$75 million will be paid over the next 60 days in the form of a loan to be deducted from the amount paid at closing.
The transaction also includes an option to sell a 20% stake in Atlanta Field BV (AFBV) for US$65 million exercisable in 2024 upon agreement.
AFBV is an affiliate of Enauta that holds the long-term credit receivable from Yinson associated with the FPSO Atlanta, accounted for US$328 million as of December 31, 2023.
“We are pleased to carry out our first expansion in Latin America in partnership with Enauta. We share similar views on the long-term potential of the Americas and look forward to growing our relationship elsewhere in the region,” said Greg Hebertson, COO of Enauta.
Enauta has been producing oil in the Atlanta field using the Petrojarl I FPSO as an Early Production System, and seeks to deploy another FPSO in the field for full field development. To this end, the company, in February 2022, signed a contract with Malaysian FPSO specialist, Yinson.
Following the recent completion of the unit conversion, the FPSO Atlanta departed towards its final location in the Atlanta Field, in the Santos Basin, offshore Brazil, on March 20, 2024.
The FPSO travel time is estimated at 45 days, which may vary depending on sea conditions.
As soon as the platform arrives at its location, work will begin on anchoring and connecting the underwater systems, said Enauta.
The FPSO Atlanta has the capacity to process 50 thousand barrels of oil and 140 thousand barrels of water per day and store 1.6 million barrels of oil.
