Brazilian oil and gas company Enauta Participacoes has decided not to sell its stake in the offshore Manati field in Brazil to Gas Bridge.

In August 2020, Gas Bridge had agreed to acquire a 45% stake in Manati field in a deal valued at around $103m. The agreement was reached by Enauta Participações, through its subsidiary Enauta Energia.

The company said that the conditions that are required to close the sale of its stake in the field have not been met.

In a securities filing, Enauta said: “The transaction was subject to a series of commercial and regulatory conditions that should have been fulfilled by December 31st, 2021.

“With the expiration of the deadline, the Company opted not to extend the deadline for fulfillment of the conditions precedent and decided to keep in its portfolio this important asset in terms of cash generation, revenue diversification and improvement of the carbon footprint.”

In November 2020, Gas Bridge also agreed to acquire 10% stake each owned by GeoPark and Petro Rio in Manati field. The deals with both companies are currently under pending.

During the same year, Petrobras also placed its 35% operating interest in the field for sale.

Manati field, which was discovered in 2000, is one of the largest non-associated natural gas fields in Brazil.

Situated in the Camamu Basin, off the coast of the state of Bahia, the field commenced production in 2007.

Manati wells are linked by subsea lines to the PMNT-1 platform, a fixed production unit equipped at a water depth of 35m and 10km offshore.

From here, the gas flows via a 36km pipeline to the compression plant (SCOMP), where it will be compressed and travels another 89km to the processing plant (EVF).

The Manati field also generates condensate, in addition to gas. It is one of the main suppliers of gas to the Northeast region of Brazil.