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CNPE approves technical and economic parameters and authorizes the Transfer of Rights (TOR+) Bid

18Abr2019Apr18,2019
Oil and Gas

​The Brazilian National Council of Energy Policy (Conselho Nacional de Política Energética - "CNPE") published today, in the extra edition of the Federal Official Gazette (Diário Oficial da União – DOU), the Resolution No. 6/2019, which approves the technical and economic parameters and authorizes the Brazilian Agency for Oil, Natural Gas, and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis) ("ANP") to promote the Bid Round under the Production Sharing Regime for Surplus Volumes under the Transfer of Rights (TOR+), scheduled for October 28th, 2019.

The bid will contemplate four areas located in the pre-salt of Santos Basin: Atapu, Búzios, Itapu e Sépia.

The CNPE established a total signing bonus in the amount of BRL 106.561 billion, which, if confirmed, will make this the largest oil and gas bid ever held in the world.

The Resolution established the values of signing bonuses and minimum percentages of profit oil to the Federal Government as follows:

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Petrobras will have a term of 30 days to exercise its preemptive rights over the offered areas.

The CNPE established the following minimum local content percentages for Búzios, Itapu and Sépia areas (not eligible for waiver): Production Development Stage - 25% for the Well Construction, 40% for the Collection and Drainage System and 25% for the Stationary Production Unit.

The minimum local content percentage to be required in the Atapu area will be the same provided under the contract for the respective adjacent area, named Oeste de Atapu.

Click here to access the CNPE Resolution No. 6/2019 in full (in Portuguese only).

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