Enauta Participações SA has agreed to farm out a 20% participating interest in the BS-4 Concession within the Santos basin pre salt, offshore Brazil, which includes Atlanta and Oliva fields, to Westlawn Americas Offshore LLC (WAO), Houston, a portfolio company of Westlawn Group LLC.
The deal includes acquisition of a 20% stake in Atlanta and Oliva fields for US$301.7 million and an option to sell a 20% stake in Atlanta Field BV (AFBV) for US$65 million exercisable in 2024 upon agreement. AFBV is an Enauta affiliate that holds the long-term credit receivable from Yinson associated with the Atlanta FPSO.
The FPSO set sail to Brazil recently, marking the completion of the project execution phase, and is expected to arrive in Atlanta field in in this year’s second quarter. In July 2023, Yinson Production exercised its option to purchase the FPSO, which includes a 15-year firm plus a 5-year option contract for the supply and operations and maintenance.
The Atlanta FPSO has a production capacity of 50,000 b/d of oil and a maximum storage capacity of 1,200,000 bbl.