Brazil’s Enauta has agreed to purchase the 1989-built floating production storage and offloading (FPSO) vessel OSX 2 to be used as a definitive system on the Atlanta field in the Santos Basin offshore Brazil.
The completion of the acquisition should take place in the first quarter of 2022.
“The acquisition of FPSO is another important step towards the implementation of the definitive system of the Atlanta field. The negotiated terms allow the project to have a low breakeven and attractive returns. If we are successful in sanctioning the project, Atlanta’s production will reach around 50,000 bopd as of 2024, creating substantial value for our shareholders,” said Décio Oddone, the company’s CEO.
In December last year, Enauta penned a letter of intent with Malaysian FPSO operator Yinson for initial activities related to detailed engineering and long-lead item commitments for OSX 2. The letter includes the adaptation of the FPSO by Yinson and operations and maintenance for 24 months. The acquisition and adaptation cost will be around $500m. Before the commencement of production, Yinson will have an option to purchase the unit, linked to a financing plan. If the option is exercised, it will be linked to charter, operation and maintenance contracts for 15 years, which may be extended for another five years, totaling $2bn for the 20 years.
Earlier this month, Enauta struck a deal with Altera to extend the charter and operation and maintenance of FPSO Petrojarl I for the early production system of the Atlanta field. The field is operated by Enauta Energia, a wholly owned subsidiary of the company, which also has a 100% interest in this asset.