The 2nd and 3rd Production Sharing Bidding Rounds, with pre-salt areas, promoted ANP, confirmed the reestablishment of the oil and gas sector in Brazil. From the eight blocks offered in the auctions, six have been acquired, generating R$ 6.15 billion in signature bonus and R$ 760 million in investments.
“Brazil is back to the global oil market scene”, said ANP’s director general, Decio Oddone.
The offered goodwill in profit oil was 260,98% for the 2nd Bidding Round and 202,18% for the 3rd Bidding Round. The 1st Production Sharing Bidding Round, promoted in 2013, offering the Libra area, did not have goodwill, since the area was acquired for the minimum profit oil defined in the tender protocol.
In the bidding rounds under the regime of production sharing, the winning companies are those that offer the Brazilian State the highest profit oil (that is, the largest portion of the exceeding oil), starting from a minimum percentage established in the tender protocol. The signature bonuses, also established in the tender protocol, are fixed.
The bidding rounds success reveals the regulatory changes made by the Brazilian government, which turned the business context more interesting to companies of different sizes, and the appeal of the areas, since the Brazilian pre-salt has one the greatest potentials of reserves to be developed in the world.
Among the improvements in the legislation is the end of the mandatory participation of Petrobras as the sole operator in the pre-salt, which created opportunities to the arrival of other companies.
According to the legislation, Petrobras has the preemptive right to act as operator in the pre-salt blocks. The company chose to be the operator in the unitizable block to Campo de Sapinho? (Entorno de Sapinho?), in the 2nd Round, and also in the blocks of Peroba and Alto de Cabo Frio-Central, in the 3rd Round. In the three blocks, the winning consortia were led by Petrobras.
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