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Memorandum to clients | Oil and Gas: CNPE approves and sets the parameters for the Third Pre-Salt Bid Round

Oil and Gas; Infrastructure and Energy
The Brazilian Energy Policy Council (“CNPE”) published Resolution No. 9/2017 on 27 April 2017, authorizing the Brazilian Agency for Petroleum, Natural Gas and Biofuels – ANP to hold the Third Production Sharing Bidding Round. The CNPE has set the aggregate signing bonus at BRL 4.3 billion.

This bid round will offer four areas within the pre-salt polygon: Pau Brasil, Peroba, Alto de Cabo Frio – Oeste and Alto de Cabo Frio – Central. There will be a separate signing bonus for each area, as well as a minimum percentage to be offered to the Federal Government as a share of profit oil:

  • Pau Brasil: BRL 1.5 billion as signing bonus and 14.40% as the minimum profit oil share;

  • Peroba: BRL 2 billion as signing bonus and 13.89% as the minimum profit oil share;

  • Alto de Cabo Frio - Oeste: BRL 350 million as signing bonus and 22.87% as the minimum profit oil share; and

  • Alto de Cabo Frio - Central: BRL 500 million as signing bonus and 21.38% as the minimum profit oil share.

The parameters for setting the profit oil share are: (i) the brent oil price at USD 50.00; and (ii) an average daily production of 12,000 barrels of oil for each producing well. The CNPE has also allowed the monetary readjustment of costs acknowledged as cost oil, subject to the conditions to be set under the production sharing agreement.

Finally, it is important to note that Petrobras will have 30 days, as from the publication of Resolution No. 9/2017, to decide whether or not to the exercise its right of preference to be the operator of such areas.

The official text of CNPE’s resolution, in Portuguese, can be found by clicking here.

For additional information, please contact:

Bruno Werneck
[email protected]
T +55 11 3147-2584

Fabiano Luz de Brito 
[email protected]

T +55 11 3147-7726

Felipe Feres
[email protected]
T +55 21 3231-8126

Giovani Loss
[email protected]
T +55 21 3231-8246

Pablo Sorj
[email protected]
T +55 21 3231-8241

Thiago Fernandes Moreira
[email protected]
T +55 21 3231 8115 

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