Project Profile

Location: Camamu-Almada Basin, coast of the Municipality of Cairú, State of Bahia, Brazil
Block: BCAM-40
Production: Average between 5.5 to 6 MMcm/d
Reserves: 13.5 billion cubic metres (477 billion cubic feet) of proven and probable
Area: 134 km²
Water Depth: 43-46 metres
Length: 120 km (pipeline)
Discovery: October 2002
Production start-up: 2007

The Manati natural gas Field is located inside the BCAM-40 Block, in Camamu-Almada Basin, on the coast of the Municipality of Cairú, in the State of Bahia and was discovered in October 2002. The reservoirs of the Field have excellent porosity and permeability which allows for a high production flow rate per well. The field covers an area of 134 km² at water depth of 43-46 metres. The development of the Manati Field was carried out between 2004 and 2007, through the drilling of 6 development wells, the construction of a natural gas processing plant located in São Francisco do Conde and the construction of an approximately 120 km long and 24 inch diameter pipeline to connect the offshore platform and the natural gas processing plant. The partners in this Field are Petrobras, the operator, holding a 35% interest, Queiroz Galvao, with a 45% interest, Panoro Energy with 10% interest and Brasoil with a 10% interest.

Average gas production at the Manati field was 5.2 MMcm/d in the first quarter of 2012. The production figures represent an increase of approximately 12% from 4Q 2011 and an increase of approximately 27% compared to the 1Q 2011. The year-on-year increase is a result of the wells being back at full production capacity, after repair and maintenance work last year that resulted in lower production capacity. Average production in Q2 2012 was 6.4 MMcm/d with the field currently producing from all six wells. Annual production from the field is expected to average between 5.5 to 6 MMcm/d. Production for the Manati Field is estimated to be approximately 5.5 million m³ per day, being 2.5 million m³ per day net to QGEP in 2015, with a possible margin of error of plus or minus 5% from this number. In August 2015, Queiroz Galvão Exploração e Produção (QGEP) validated that Manati offshore field in Brazil holds 13.5 billion cubic metres (477 billion cubic feet) of proven and probable, or \'P2\', natural gas reserves. The reserves, certified by Houston-based Gaffney, Cline Associates, will allow production potential of 6 million cubic metres of natural gas a day in 2015 and 2016, falling to half that by 2020. The 13.5 billion cubic metre P2 natural gas reserve estimate is equal to 85.2 million barrels of oil equivalent (BOE).


Operators:

Petrobras: Operator with 35% interest

Queiroz Galvao: 45% interest

GeoPark Brasil Ltda: 10% interest after Panoro Energy farmed out May 2013

Brasoil: 10% interest


Contractors:

Gaffney, Cline Associates: Contract for reserves estimation and certification