The purchase price implies a valuation of around USD 1.5 billion for the block, which includes the Atlanta oilfield and the Oliva discovery and provides Westlawn with access to other near-field exploration opportunities.
Atlanta is a large, deepwater oilfield with estimated reserves of 1 billion barrels of oil. The field is currently producing more than 21,000 boepd and production is expected to increase to over 40,000 boepd by early 2025.
The field will soon be worked with FPSO Atlanta, a 50,000-bopd vessel which Enauta sold to Malaysian player Yinson in July 2023 with a 15-year operating contract attached. It is currently enroute to Brazil from Dubai.
Westlawn COO Greg Hebertson commented, “We are pleased to make our first expansion into Latin America in partnership with Enauta. We share similar views of the long-term potential of the Americas and look forward to growing our relationship together elsewhere in the region.”
The deal includes an option for Westlawn to sell a 20% stake in Atlanta Field B.V. (AFBV) for USD 65 million. AFBV is an Enauta affiliate that holds the long-term credit receivable from Yinson associated with FPSO Atlanta.
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