In accordance with Law no. 12,351, dated 10/22/2010, and with Decree No. 9,041, dated 2/5/2017, the National Council for Energy Policy (CNPE) published on June 13, 2017 in the Official Gazette of the Union the CNPE Resolution 13/2017, which establishes the mandatory participation of Petróleo Brasileiro SA - Petrobras - as operator in the production sharing agreements in the following areas:
i) Environment Sapinhoá, offered in the 2nd Bidding Round under the system of production sharing; and
ii) Peroba and Alto de Cabo Frio - Central, offered in the 3rd Bidding Round under the system of production sharing.
Pursuant to article 4 of Decree No. 9,041 / 2017, in the event of exercising its right of first refusal, after the conclusion of the bidding process, Petrobras:
I - will compose the consortium with the winning bidder, if the percentage of the surplus in oil of the Union offered in the auction for the area bid is equal to the minimum percentage established in the bid; or
II - the consortium may compose with the winning bidder if the percentage of the Union's oil surplus offered in the auction for the bidding area exceeds the minimum percentage established in the bid notice, and must express its decision during the bidding round.
Under the terms of the Tender Protocol, CEL will call Petrobras' accredited representative to manifest, within 30 (thirty) minutes, its decision to compose a consortium with the successful bidder.
Pursuant to section 8.4.r of both Tender Protocols, for the blocks in which Petrobras has expressed an interest in acting as the operator, after disclosure of the winning bid for each block, if the winning bid was higher than the minimum established in Table 16 , CEL will summon the accredited representative of Petrobras to state, within thirty (30) minutes, its decision to establish a consortium with the successful bidder. If Petrobras decides not to compose a consortium with the winning bidder, CEL will disclose the new participation percentages of the bidders and the new operator contained in the recomposition form.