Westlawn Americas Offshore (WAO), a portfolio company of Westlawn Group, has agreed to acquire a 20% stake in the BS-4 concession within the pre-salt Santos Basin, offshore Brazil, from Enauta Participações.
The deal will provide WAO with access to the Atlanta oil field, the Oliva oil discovery and other near-field exploration opportunities within the BS-4 concession.
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Under the deal terms, WAO will acquire a 20% stake in the Atlanta and Oliva fields for $301.7m.
Additionally, WAO will hold an option to acquire a 20% stake in Atlanta Field BV (AFBV) for $65m, exercisable in 2024 subject to mutual agreement.
AFBV, an affiliate of Enauta, holds the long-term credit receivable from Yinson pertaining to the Atlanta floating production storage and offloading unit (FPSO).
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The Atlanta deep-water oilfield has estimated gross in-place volumes of more than one billion barrels of oil.
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By GlobalDataCurrently, the field is producing more than 21,000 gross barrels of oil equivalent per day (boepd). Production is anticipated to increase to more than 40,000 boepd by early 2025.
In a press statement, Westlawn said: “This potential acquisition will provide existing production and cash flow, expected near-term growth through ongoing field operations, planned Oliva development, and future near-field exploration potential.”
The transaction’s completion is contingent upon regulatory approvals and standard closing conditions.
“This transaction will establish WAO as a regional player in the Americas with a sizeable entry into one of Brazil’s newest developments located in one of the most prolific oil provinces in the world,” the company noted.
Last week, Enauta said that FPSO Atlanta was en route to the Atlanta Field following successful shipyard works and sea trials, as per schedule.
Following the platform’s arrival at the Atlanta field, anchoring and submarine systems connection works will commence, with first oil estimated by August 2024.
