Brazilian energy firm Enauta proposes merger with 3R Petroleum
3R Petroleum said it had halted negotiations for a proposed combination with rival PetroReconcavo to review the new bid. Credit: Kristina Kasputienė from Pixabay.
Brazilian energy company Enauta has proposed a merger with 3R Petroleum that would lead to the establishment of one of the largest independent oil and gas entities in Latin America.
Enauta’s board has given the green light to the merger, which is anticipated to deliver a balanced portfolio with high organic growth over the next five years and the capability to add value amid market fluctuations.
The new entity is expected to offer significant operational, commercial, financial and risk management benefits.
Combined production is projected to exceed 100,000 barrels of oil equivalent per day, with proven and probable reserves surpassing 700 million barrels.
The merger aims to capitalise on the companies’ strategic assets, enhancing their competitive edge in the region.
The transaction is predicted to boost share liquidity and average daily trading volume for the merged company.
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This article was originally published by a www.offshore-technology.com . Read the Original article here. .