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5th Production Sharing Bidding Round

5th Production Sharing Round has all the blocks acquired

The 5th Production Sharing Round, held today (September 28) by ANP, had all its four blocks acquired: Saturno, Titã, Pau-Brasil e Sudoeste de Tartaruga Verde. The Round raised R$ 6,82 billion in signing bonuses and R$ 1 billion in planned investments on the exploration phase. The goodwill of the profit oil offered was 170,58%.

Present at the event were the minister of Mines and Energy, Wellington Moreira Franco, the Ministry’s executive secretary, Márcio Félix, the ANP directors, Décio Oddone, Aurélio Amaral, Dirceu Amorelli, Felipe Kury and José Cesário Cecchi, and other authorities.

"It was the first production sharing round with more than one block on offer to have 100% of the areas acquired", said ANP’s director general, Décio Oddone. "With today's goodwill, which averaged 170%, our expectation of raising royalties and taxes over the 35 years of the contracts rose from R$ 180 billion to R$ 240 billion. But the most important thing is to look at the total of the production sharing rounds since last year. The results of the 2nd to 5th rounds, considering the oil at $70 a barrel, will generate R$ 1.2 trillion in revenue for the Federal Government, states and municipalities, or about R$ 40 billion per year".

In the bids under the production-sharing regime, the winning companies are those who offer the Brazilian State, from a minimum percentage set in the tender protocol, the largest portion of oil and natural gas produced (i.e., the largest portion of profit oil). The signing bonuses, also defined in the tender protocol, are fixed.

According to the law in force, Petrobras has the right of first refusal to act as the operator in blocks of the pre-salt and those considered strategic. The company opted to be the operator, with a 30% share, in the area of Sudoeste de Tartaruga Verde.

See below the results of the round:

Basin
Sector
Block
Signing bonus (R$) (fixed)
Winning company / consortium
Profit oil offered
Goodwill
Santos
SS-AUP1
Saturno
3,125,000,000.00
Shell Brasil (50%)*; Chevron Brasil Óleo (50%)
70,20%
300,23%
SS-AUP1
Titã
3,125,000,000.00
ExxonMobil Brasil (64%)*; QPI Brasil (36%)
23,49%
146,48%
SS-AUP2
Pau-Brasil
500,000,000.00
BP Energy (50%)*; Ecopetrol (20%); CNOOC Petroleum (30%)
63,79%
157,01%
Campos
SC-AP5
Sudoeste de Tartaruga Verde
70,000,000.00
Petrobras (100%)*
10,01%
0%

*Operator

The 5th Production Sharing Round continues the multiannual calendar of rounds, instituted by the National Energy Policy Council (CNPE), which provides auctions until 2021. Since 2017, six auctions have been held. In addition, the Open Acreage of areas started this year. It consists of the continuous offer of fields and blocks returned (or in the process of being returned) to ANP, and exploration blocks offered in previous rounds but not acquired.

- See the photo gallery of the public bidding session

- Watch the video of the public session

  • See more information about the public session of the production-sharing round

    • Selecting the winners

      During the public session, the qualified companies will submit bids for each of the blocks offered. The signing bonuses are fixed and the profit oil for the Federal Government is the only criteria for defining the winning bidder.

      The bids will be judged and classified according to the descending order of the profit oil for the Federal Government, and the winning bidder will be the one that offers the highest percentage.

    • Right of first refusal

      According to the law in force, Petrobras has the right of first refusal to act as operator in blocks of the pre-salt. In a consortium, the operating company is the one that is responsible for conducting and carrying out all activities provided for in the contract.

      Petrobras has expressed interest in participating as operator in the areas of Dois Irmãos, Três Marias and Uirapuru. Two models of production sharing contract were developed, one with the mandatory 30% share of Petrobras, as the operator, and the other without this share.

      For the blocks in which it exercised the prerogative to act as operator, Petrobras must:

      1. a) build a consortium with the winning bidder, if the percentage of the profit oil for the Federal Government offered for the block is equal to the minimum percentage defined in the tender protocol;
      1. b) decide, during the public bidding session, within 30 minutes, if it will take part in the consortium with the winning bidder, in case the percentage of the profit oil offered for the Federal Government exceeds the minimum percentage established in the tender protocol.

      If Petrobras decides not to join the consortium, the winning bidder, individually or in a consortium, undertakes 100% (one hundred percent) share in the licensed block, and shall indicate the operator and the new share percentages.

    • Profit oil

      The profit oil is the share of the oil or gas production to be distributed between the Federal Government and the company, according to criteria established in contract, resulting from the difference between the total production volume and the portions related to the cost oil and royalties due.

    • Cost oil

      The cost oil is the share of the oil or gas production corresponding to the costs incurred and investments made by the contractor in carrying out the activities of exploration, production and decommissioning of facilities.

    • Reopening of offers

      Rules were maintained for the reopening of bids, at the end of the round, of blocks not acquired. These rules were already included in the tender protocols for the 2nd and 3rd Production Sharing Rounds, but had some improvements since then. Companies that do not have sufficient bid bonds at the reopening, for example, will be allowed to bid at this time and submit the bonds later.

      This measure allows areas not acquired, including for bureaucratic reasons – such as mistakes in filling envelopes and proxy documents – to have a second chance of being acquired.

      The contract models include, among the new things, the review of the clause that provides for arbitration, as a result of Public Consultation and Hearing No. 24/2017.

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