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CNPE authorizes the 6th bid round for areas under production sharing regime

Oil and Gas

​On December 18, 2018, the Brazilian National Council of Energy Policy (Conselho Nacional de Política Energética - "CNPE") issued a resolution in the official gazette authorizing the National Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis - "ANP") to hold the 6th bid round for areas under the production sharing regime.

The 6th bid round is scheduled for 2019 with the following blocks: Aram, Bumerangue, Cruzeiro do Sul (former Sudeste de Lula, Sul and Sudoeste de Júpiter), and Sudoeste de Sagitário, all located in the Santos Basin, along with Norte de Brava, in the Campos Basin.

The resolution also establishes the following minimum percentages of profit oil for the federal government for each block:

  • Aram – 24.53%;

  • Bumerangue – 26.68%;

  • Cruzeiro do Sul – 22.87%;

  • Sudoeste de Sagitário – 26.09%; and

  • Norte de Brava – 36.98%.

The signature bonuses for each area were also determined as follows:

  • Aram - R$ 5,05 billion;

  • Bumerangue – R$ 550 million;

  • Cruzeiro do Sul – R$ 1,15 billion;

  • Sudoeste de Sagitário – R$ 500 million; and

  • Norte de Brava – R$ 600 million.

Petrobras now has 30 days to inform whether or not it will exercise its pre-emptive right to each block, as provided by article 4, paragraph 1, of Law No. 12,351/2010 (the Pre-Salt Law).

The ANP is expected to inform the schedule for the bid round as well as the criteria for participation and the applicable production sharing agreement model in the next few weeks.

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