(Brava Energia, 10.Jan.2025) — Brava Energia released preliminary and unaudited production data for the month of Dec. 2024.
Brava is the operator of the Potiguar Complex, the Recôncavo Complex, Peroá, Papa-Terra and Atlanta, and holds a non-operated stake of 35% in the Pescada Cluster, 45% in the Manati Field, both operated by Petrobras, and 23% in Parque das Conchas, operated by Shell.
(1) Papa-Terra: On 16 Apr. 2024, 3R Offshore exercised, in accordance with the provisions of the Joint Operating Agreement (JOA), the right of compulsory assignment (forfeiture) of the 37.5% undivided interest held by Nova Técnica Energy Ltda. (NTE) in the consortium, due to NTE’s default on financial obligations. Following the exercise of forfeiture, NTE initiated arbitration proceedings questioning the application of the compulsory assignment clause provided in the JOA and filed pre-arbitral precautionary proceedings before the Court of Justice of Rio de Janeiro, where an injunction was granted, ordering the suspension of the process before the ANP until the arbitral decision is rendered. 3R Offshore appealed the decision and awaits the formation of the Arbitral Court. (2) On 26 Sep. 2024, the company completed the transaction to sell 20% of Atlanta to Westlawn Americas Offshore LLC, reducing its stake in the asset to 80%. (3) In Oct. 2024, approximately 29% of the gas produced in the Recôncavo Complex was reinjected into reservoirs. (4) On 30 Dec. 2024, the company completed the acquisition of the 23% stake in Parque das Conchas held by QatarEnergy Brasil Ltda.; (5) Average production in Dec. considers: (a) two days of production in Papa-Terra, with the resumption after production shutdown, (b) one day of production in Atlanta, with production starting at FPSO Atlanta on 31 Dec. 2024, and (c) one day of production in Parque das Conchas, after the completion of the acquisition of the 23% stake on 31 Dec. 2024.
Atlanta – Start of production at FPSO Atlanta (Definitive System)
The first oil from the FPSO Atlanta was produced on the afternoon of 31 Dec. 2024. Production began through the new wells 6H and 7H, which are still in the stabilization process and recorded production of approximately 26.8 thousand barrels of oil equivalent in the last 24 hours, in line with the company’s expectations
Papa-Terra – Production resumed after ANP authorization
Production at Papa-Terra resumed on 30 Dec. 2024. The reopening of the wells was carried out gradually in the first days of Jan., with 5 wells (PPT-12, PPT-17, PPT-22, PPT-37 and PPT-50) producing approximately 14.3 thousand barrels of oil equivalent in the last 24 hours. The sixth well (PPT-16) is expected to be reopened during the month of Jan., while the workover activity to replace the submersible centrifugal pump (BCS) of the seventh well (PPT-51) is ongoing, with an anticipated completion date of the end of Jan. 2025.
Parque das Conchas – Completion of the Acquisition of 23% Stake
On 30 Dec. 2024, the company completed the acquisition of a 23% stake in the asset previously held by QatarEnergy Brasil Ltda. For the purpose of the company’s average monthly production in this report, only the production on 31 Dec. 2024 was considered.
Peroá – Production resumed in Dec. after a scheduled shutdown at the Cacimbas Natural Gas Treatment Unit (NGPU).
Manati – The operator’s last update on production resumption remains 1Q25.
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