Manati Field

Located in the Camamu Basin, along the coastline of the state of Bahia, Manati field is a milestone in QGEP’s history, as  the first well drilled by a consortium in which the company took part. It is located in the BCAM-40 block, covering approximately in a water depth of . The company owns a 45% interest in the concession, having invested approximately US$ 400 million in its development until the end of 2015.

Discovered in 2000 and actively producing since 2007, it has become one of the largest producing non-associated gas fields in Brazil and is responsible for meeting 30% of the Northeast’s demand in 2014, according to data from the ANP. At present it has an average daily production of  of gas and is estimated to produce until 2024. Below is an illustration of the field’s production history.

Average daily gas production (MM m3/day)

The wells are connected by submarine lines attached to platform PMNT-1, a fixed production unit installed at a depth of and away from the coast. The gas flows through sea and land via of pipeline until it reaches the gas processing station Geofísico Vandemir Ferreira, located in São Francisco do Conde, in the state of Bahia. After processing in the treatment station, the product is sold to Petrobras, which then uses it to fuel its facilities (refinery, thermoelectric plant, and nitrogen fertilizers plant) or sells to Bahiagás. In addition to gas, Manati field also produces condensate that is responsible for approximately 5% of the Company’s revenue. This production is sold to Dax Oil.

Full year 2016 and 2017 gas production from Manati is estimated to average 5.1 and 4.9  million m³ per day, respectively, with a potential variation of +/-5%. In the first nine months of 2016, the average production reached 5.1 million m³ per day.  In order to return Manati field’s production capacity to per day, the Consortium built a surface compression station which started operation in the third quarter of 2015.

The company signed a gas sale contract with Petrobras, and its subject matter is the sale of all the Field's reserves at a fixed rate in reais and an annual adjustment according to the local inflation index. The contract also includes a “take or pay” clause for 85% over the established production curve, which follows the Field's expected production curve.

According to the latest Reserve Certification Report from December 31st, 2015, the 1P, 2P, and 3P reserves of natural gas for the Manati field are estimated in 4, 4 and 5, respectively, net to QGEP.

Last updated on 2017-01-25T17:12:02

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