Exploration and production company Maha Energy is looking to boost production from the Tartaruga field, offshore Brazil, with a well workover operations set to start after completing the acquisition of interests in the field from two different companies.
Back in March 2016, Maha Energy entered into a purchase and sale agreement with TDC Engineering, a private company from Texas, USA, to acquire an additional 37.5% working interest in the Tartaruga field, in the Sergipe Alagoas Basin. The pair agreed for Maha to buy TDC’s wholly owned Brazilian subsidiary UP Petróleo Brasil (UPP), which was the operator of the Tartaruga field.
Maha reported on Tuesday, November 28 that Brazil’s Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) has provided confirmation that no additional approvals are required for Maha to proceed with the acquisition of 100% of UPP from TDC Engineering.
Jonas Lindvall, CEO of Maha Energy commented: “We are very pleased to have received this notification from ANP which allows for the closing of the highly anticipated acquisition of the operated working interest in the Tartaruga Field in Brazil. This asset marks a major milestone for us and provides a great foothold in Brazil.”
The company will now proceed with closing under the relevant quota purchase agreements of the UPP acquisition and the previously announced acquisition of 100% of Petro Vista Energy Petróleo do Brasil Ltda.
To remind, prior to the agreement with TDC, Maha also entered into an agreement with Petro Vista Energy in January 2016 to buy additional 37.5% working interest in the Tartaruga field.
Following the completion of both acquisitions, Maha will be the operator of the block with 75% working interest.
In anticipation of these closings, the company also said it has been planning for a workover of the SES 107 well on the Tartaruga field which will start upon closing and subject to rig and equipment availability.
Lindvall added: “The Tartaruga field is currently producing approximately (gross) 230 bbls/d and we believe the planned workover of the previously producing SES 107 well has the ability to greatly increase the field production.”
Offshore Energy Today Staff