Enauta opts out of Brazil FPSO acquisition

Enauta Participações has advised MODEC of its intention to terminate a contract to acquire the FPSO Cidade de Santos. Enauta Participações has advised MODEC of its intention to terminate a contract to acquire the FPSO Cidade de Santos. The contract included a termination clause, with Enauta claiming to be entitled to 50% of the amount disbursed at signing (about $3.6 million).

Cidade de Santos, with a storage capacity of about 700,000 bbl, operates on the Uruguá Field. The FPSO processes oil and gas from the Uruguá and Tambaú fields in the Santos Basin offshore Brazil. Enauta said it would discuss with Petrobras the implications of its decision concerning its ongoing acquisitions of Uruguá and Tambaú and the export pipeline taking the gas to the Route 1 pipeline connection at the Mexilhão Field.