10.9 C
New York
Saturday, December 3, 2022

Don't miss

Manati stops gas production; association sees no logic in the parade

- Advertisement -
The gas produced in Manati is fully sold to Petrobras, with the financial impact of reduced production being limited (Image: REUTERS/Pilar Olivares)

THE enauta (ENAT3) reported this Friday that there was an interruption in production at the Manati Field due to the reduction in demand for gas.

The oil company stated that, according to the Petrobras (PETR4), which is the operator of the field and buyer of the gas produced on site, the reduction in demand is due to the “supply and demand situation of the market segments served by the gas from the Manati Field”.

- Advertisement -

This is a usual occurrence of the operation, of a temporary nature, without changes in the contractual conditions, added Enauta.

“Notwithstanding the return of production, according to the operator, demand may still remain at reduced levels throughout the month of October,” the statement reads.

- Advertisement -

The gas produced in Manati is fully sold to Petrobras, and the financial impact of the reduction in production is limited by the obligation to purchase the minimum contracted volume (the “take or pay” clause).

Until September 29, the average daily production of Manati showed a drop of 29% when compared to the month of August.

Enauta holds a 45% interest in Campo de Manati, located in the Camamu Basin, on the coast of Bahia.

Sector

The Brazilian Association of Piped Gas Distributors (Abegás) stated, in a note, that the reduction in the volume of domestic gas purchases and the consequent interruption of production in Manati are not “consistent with an economic logic that interests the country” since that the oil company continues to import LNG (liquefied natural gas).

According to the association, imports continue to be made through the regasification terminal in Bahia “in an international scenario that has been raising the prices of the gas molecule in the global market”, as a result of the war in Ukrainein addition to the demand of China and the proximity of the European winter.

The entity also cited the delay in the timetable for the implementation of the Integrated Project Route 3, at the Gaslub Pole, in Itaboraí-RJ, after the termination of the contract with the construction company of the gas processing unit.

“In other words, the purchase of imported gas at the expense of the acquisition of national gas, directly affects the country’s competitiveness, penalizing distributors (which compete with other fuels) and consumers”, said Abegás in the statement.

MONEY TIMES IN THE 2022 ELECTIONS!

Watch the special series with the proposals for the economy of the candidates for the Presidency of the Republic! Follow Money Times on Facebook!

Source: Moneytimes

- Advertisement -
spot_img

Latest Posts

spot_img

Latest