ENAUTA has R$ 2 billion to acquire new fields, says CEO

(Reuters) – Oil company Enauta has 2 billion reais available to restore its portfolio and acquire new fields, said the company’s chief executive, Décio Oddone, who took office in September.

The company, which over the past year has sold the Manati and Carcará fields, is open to opportunities in shallow water and onshore areas, apart from its more traditional investments in deep water, said Oddone.

“The mission now is to restore the portfolio,” said Oddone, who assumed command of Enauta after serving for four years as director-general of the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The mature fields placed on the market as oil giants adjust to a scenario of lower commodity prices, brought about by the coronavirus pandemic, create opportunities for a debt-free and highly liquid producer, said Oddone, adding that the company has preference for assets that you can operate.

Enauta produced 15,000 barrels of oil equivalent per day in the third quarter, including the production of natural gas from its slice in the Manati field, sold to Gas Bridge in August for R $ 560 million.

Most of Enauta’s production comes from the Atlanta field, located in deep waters off the Brazilian coast. Plans to hire a new platform for Atlanta, previously scheduled for August, were postponed after the fall in international oil prices and currently have no set date.

“We are basically trying to reduce Atlanta’s break-even and make it more resilient to a world of low oil prices,” said Oddone in a video interview.

Enauta plans to drill the first well in its nine blocks in partnership with Exxon Mobil and Murphy Oil in the second half of 2021, added the executive.

Oddone replaced Lincoln Guardado, who decided to leave the position of CEO of the oil company after more than ten years.

 

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