Transfer Of Rights Surplus Bidding Round: Preliminary Tender Protocol And Draft Of The Production Sharing Agreements Released

Author:Mayer Brown
Profession:Mayer Brown
 
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On June 13, 2019, the National Petroleum, Natural Gas, and Biofuels Agency (the "ANP") published the preliminary tender protocol ("Pre-Tender") of the Transfer of Rights Surplus Bidding Round under the production sharing regime ("Bidding Round") whose purpose is to establish the applicable rules and procedures for participating in the bid, as well as making available the drafts of the production sharing agreements, the preliminary schedule and other relevant information about the areas offered.

The Bidding Round will offer four blocks in the Santos Basin (Atapu, Búzios, Itapu e Sépia). Petrobras has preferential rights to be the operator with a minimum 30 percent participating interest in the Búzios and Itapu blocks.

The Pre-Tender established the following amount for Signature Bonuses and Minimum Percentages of Surplus Oil for the blocks offered:

Block

Signature Bonus (BRL)

Minimum Percentage of Surplus Oil (%)

Atapu

13,742 billion

26.23

Búzios

68,194 billion

23.24

Itapu

1,766 billion

18.15

Sépia

22,859 billion

27.88

The technical data package is already available, and interested bidders must (i) fill out the electronic registration form; (ii) submit the confidentiality agreement; and (iii) pay the participation fee, in accordance with the specific sector of interest. Also, for this Bidding Round, an additional package containing technical data selected by Petrobras was made available, and interested bidders must follow the procedure described above and submit the registration documents set forth in the Pre-Tender document (such as the company's corporate documents and evidence of authority of its legal representatives or attorneys-in-fact).

The Transfer of Rights Surplus Bidding Round will follow the schedule below:

Event

Date

Publication of the pre-tender protocol and draft of the production sharing agreement.

June 13, 2019 Commencement of the period for delivery of documentation of expression of interest, qualification, and payment of the participation fee. June 13, 2019

Technical data package and additional technical data package become available.

June 13, 2019

Deadline for comments on the pre-tender protocol and the draft of the production sharing agreement and end of the public consultation period.

July 03, 2019

Public hearing (city of Rio de Janeiro).

July 05, 2019

Technical seminar.

To be defined

Publication of pre-tender protocol and draft of the production sharing agreement.

September 06, 2019

Environmental and fiscal-legal...

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