Petrobras to Exercise of Pre-emption Right in the Sixth Bidding Round

Source: www.gulfoilandgas.com 1/14/2019, Location: South America

Petroleo Brasileiro SA - Petrobras reports that it formally expressed to the National Energy Policy Council (CNPE) interest to exercise the pre-emption right for the 6th Bidding Round of exploration blocks under the production sharing regime, pursuant to Law 12,351/2010 and Federal Decree 9.041/2017.

Considering the parameters disclosed in CNPE Resolution no. 18 of 2018, after technical analysis, approval by the Executive Board and resolution within the Board of Directors, Petrobras decided to express interest in exercising the pre-emption right in the blocks of Aram, Norte de Brava and Sudoeste de Sagitario, as operator and with the percentage of 30%.

The amount corresponding to the signature bonus to be paid by the company, considering the auction result confirm the minimum stake indicated above, is R$ 1,845 million.

It is important to note that Petrobras may increase the percentage of 30% indicated for the area where it is exercising its pre-emption right, forming a consortium to participate in the bidding process.

In relation to the areas in which Petrobras has not exercised its pre-emption right, the company may participate on an equal basis with other bidders, whether acting as operator or non-operator.

With the conclusion of this round, the company will timely communicate to the market the results of its participation, in compliance with current legislation.

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