“This is a complementary merger between the two companies. Enauta adds expertise in offshore operations, while 3R Petroleum, with a more diversified portfolio, brings to the table heavy onshore operations experience,” added Bandeira.
Wood Mackenzie analysis foresees this new combined operation focusing first on integration, but constantly looking for new inorganic growth opportunities in the country or even internationally.
“Mid-term, stronger cash generation and the combined expertise of both companies can also open space for the new company to be exposed to riskier activities such as exploration. Both companies have exploration acreage that hasn't seen activities due to other capital investment priorities,” said Vinicius Diniz Moraes, Upstream Research Analyst.
