The Brazilian state-owned oil and gas company Petrobras $PETR3 (+1,29%)
$PETR4 (+0,43%) has terminated the contract with Enauta of Brava Energia for the sale of all its shares in the Uruguá and Tamba fields.
Under the contract signed by the companies in July 2024, Petrobras was to receive USD 35 million for the share sale and stated at the time that the transfer of the assets to a new operator was an alternative to their decommissioning and offered the prospect of extending their productive life.
"The closing of the transaction was conditional, among other things, on Enauta Energia acquiring the FPSO Cidade de Santos, owned and operated by MODEC, which did not happen. As provided in the contract, the amount paid as a deposit on December 21, 2023 will be retained by Petrobras," the company said in the statement.
The Uruguá and Tambaú fields are part of the BS-500 concession, which was acquired as part of the National Agency for Petroleum, Natural Gas and Biofuels (ANP) zero round.
The fields are located in the northern part of the Santos Basin, between 140 and 160 km off the coast of the state of Rio de Janeiro, in water depths of 1,000 to 1,500 meters.
The average production of the fields until September 2023 was around 5.4 thousand bpd of oil and 353 thousand m3/day of gas. Petrobras holds 100% of the shares in both fields, which are produced via the MODEC-chartered FPSO Cidade de Santos.
Petrobras retains 100% of the shares in the Uruguá and Tambaú fields and will evaluate suitable alternatives for the management of the assets.