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Advancing the exploration of Brazil’s natural gas storage potential—ensuring supply and energy security for various economic players—will be the main topic of a panel discussion on May 29th (Thursday) at 4 p.m., during the Bahia Oil & Gas Energy (BPGE), Plenary Eneva – North, at the Bahia Convention Center. The event will feature Celso Silva, CEO of GBS Storage; Cristina Sayão, Regulatory Affairs Manager at TAG; Rafael Ribeiro, Director of New Business at Brava; and Valéria Santana, Gas Trader at Eneva.

GBS Storage, a company focused on underground natural gas storage solutions and part of the investment manager Lorinvest, recently acquired an additional 10% stake in the Manati Field (Bahia), a non-associated natural gas producer. The share was purchased from GeoPark, doubling GBS’s participation in the field to 20%. The producing consortium also includes Petrobras (operator, 35%) and Brava (45%). Operations are expected to start in the second half of 2026.

GBS’s increased stake is another step toward extending Manati’s productive life by transforming it into an underground natural gas storage facility. The company is also evaluating other potential fields for new underground natural gas storage (UGNS) acquisitions, including in the Northeast region.

The transaction with GeoPark involved a total consideration of US$1 million (net of US$12 million in liabilities related to decommissioning or abandonment obligations). It also included working capital adjustments and contingent payments based on field performance or its potential conversion into a natural gas storage facility.

Operations at the field began in 2007 with production from six subsea wells connected to the fixed Manati Platform – PMNT-1. A 125 km long, 24-inch diameter pipeline connects the platform to the Vandemir Ferreira Gas Treatment Station (EVF) onshore. There is also a compression station (SCOMP) located 36 km from PMNT-1.

GBS entered the business in November 2023, acquiring an initial 10% stake from PRIO. In March 2024, production at Manati was suspended for maintenance to comply with requirements from the ANP – National Agency of Petroleum, Natural Gas and Biofuels. Since then, Petrobras, as operator, has been carrying out necessary interventions. The consortium expects production to resume in April 2025.

Natural Gas Storage

Natural gas storage is an unprecedented project in Brazil—an infrastructure solution that brings new opportunities for market liberalization in the country. The goal is to meet the growing demand for flexible solutions that facilitate energy trading, offering more liquidity and security to players operating in the natural gas market. Moreover, natural gas storage is a solution to the decline of the Manati Field and an opportunity to strengthen gas supply.

Storage services are widely used in the United States and Europe to guarantee energy system security and flexibility, but they are still new to Brazil.

This initiative is one of the outcomes of Brazil’s New Gas Law, effective since 2021. Storage is essential to balance natural gas production and consumption curves, and its consolidation will help reduce Brazil’s dependence on imported gas molecules. In the context of market development, the project will benefit domestic gas production and may encourage the entry of new suppliers and consumers into the national grid.

About GBS Storage

GBS Storage develops infrastructure solutions to store energy and contribute to the growth of Brazil’s natural gas market. The company is launching its projects in the Manati Field, Bahia, focusing on underground natural gas storage (UGNS).

About Lorinvest

Lorinvest is a Brazilian investment manager administering proprietary and third-party resources. Founded in 2009 by the family of Erling Lorentzen, a Norwegian-born businessman and founder of Aracruz Celulose—once the world’s largest producer of bleached pulp—the firm has an entrepreneurial DNA. Today, Lorinvest’s portfolio includes over 10 companies and startups across various sectors, including bioeconomy, industrial technology, shipping, natural gas, real estate, health, and finance.