Oil company Enauta informed that it will return the CE-M-661 block, located in the Ceará Basin, after the end of its first exploratory period on site in November this year tothe National Petroleum, Natural Gas and Biofuels Agency (ANP).
The company had acquired a 25% stake in the asset in a bidding round held in 2011.
However, “based on geological and economic analyses, and on the continuous search for optimization of its portfolio”, it decided to return the block.
According to Enauta, the value of the commitments assumed by the company in the Minimum Exploratory Program for the block is 26.9 million reais, while the signing bonus reaches 10.1 million reais.
The total amount of 37 million reais, added the company in a relevant fact, will be registered as exploratory expense in the result of the second quarter of this year.