PETROBRÁS NOTIFIES ENAUTA ABOUT CUTS IN THE GAS PURCHASE FROM CAMPO DE MANATI

APR 9, 2020

Petrobrás has notified Enauta and PetroRio, its partners in the Manati field, that the current situation in the Covid-19 pandemic may affect the state’s commitment to buy natural gas from the asset.

To better understand, it is necessary to remember that the Manati field is operated by Petrobrás (35%), in partnership with Enauta (45%) and PetroRio (10%). The portions of Enauta and PetroRio in the gas produced are sold entirely, on an exclusive basis, to the state-owned company.

Petrobras justified saying that “the current pandemic of COVID-19 would, in its view, constitute a force majeure event that could cause the reduction of natural gas consumption by the market and, thus, come to affect its commitment to withdraw natural gas” .

Enauta stated that it does not agree with Petrobrás’ arguments and that it will analyze “the alternatives it has to avoid and / or mitigate the risks that such a measure […] may entail in its business”.

The production of gas and condensate in the Manati field in the first quarter of the year was 181.4 million cubic meters. It is a volume about 57% lower compared to the previous quarter, when 418.2 million cubic meters were registered.

In the Atlanta field, another Enauta asset, oil production reached 2.064 million barrels in the first quarter. The asset is operated by Enauta (50%).

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