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Enauta takes on ownership of Atlanta field

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Oilfield Technology,

As reported by Reuters, Brazilian oil producer Enauta Participações SA has said it has taken full ownership of the offshore Atlanta field as its partner pays to abandon the project with an estimated 1.3 billion bbl of reserves.

Enauta said in a securities filing on Monday that Barra Energia do Brasil Petroleo e Gas Ltda would pay US$43.9 million to abandon three wells and decommission facilities there.

Barra Energia is leaving the joint venture in which it had a 50% stake.

The project has lifted just 1.25% 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,” Enauta Chief Executive Decio Oddone said in the filing.

The transfer of ownership is subject to approval by oil and anti-trust regulators.

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