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The Agreement Approved Yesterday (12) By ANP About The Buzios Field, In The Pre-Salt Of The Santos Basin, Is The First Celebrated As A Result Of The Auction Of The Onerous Assignment
Yesterday, Thursday (12/08), ANP – National Agency of Petroleum, Natural Gas and Biofuels approved the co-participation agreement for Buzios, which will regulate the coexistence of the onerous assignment contract and the production sharing contract of the excess of the onerous assignment for the Buzios field, located in the pre-salt of the Santos Basin. Also see this news: Pre-Salt – Petrobras Advances In The Exploration Of The Largest Field In The World, The Buzios Field, In The Santos Basin
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The Agreement Signed By ANP About The Buzios Field, In The Pre-Salt Of The Santos Basin
In the contract signed in 2010, the Union ceded to Petrobras, upon payment, the exercise of exploration and production activities in seven blocks of the Santos Basin, including the Buzios field, in the pre-salt of the Santos Basin. Production in these areas will be limited to up to 5 billion barrels of oil equivalent (boe). The agreement aims to enable the production of the volumes auctioned in the First Round of Biddings for the Excess Volumes of the Onerous Assignment, held by ANP in 2019.
This is the first agreement celebrated as a result of the hiring of excess volumes from a field of the onerous assignment. It aims to ensure legal certainty, potentially resulting in greater attractiveness for the Sépia and Atapu areas (also located in the pre-salt), which are the objects of the Second Round of Biddings for the Excess Volumes of the Onerous Assignment, scheduled for December 17 of this year.
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The approval of the ACP also allows for the start of production under the sharing regime and an immediate increase in royalty collection for the Union, states, and municipalities, as well as the receiving of a percentage of the production by the Union.
Value Of The Contract In The Buzios Field Was Updated
After adjustments made to production estimates and taxes, the total compensation value that the parties of the production sharing contract in the Buzios field, in the pre-salt, owe to the onerous assignment contract (100% Petrobras) has been updated to US$ 29.0 billion, which will be recovered as a cost in oil by the contractors.
Thus, the receipt by Petrobras of the share from the partners CNODC Brasil Petróleo e Gás (CNODC) and CNOOC Petroleum Brasil (CNOOC) of the compensation, in the amount of US$ 2.9 billion, should occur by the end of this month, so that the agreement is in effect on 09/01/2021. From the beginning of the validity of the agreement, the share in the shared reservoir of Buzios, including the share of the BS-500 concession contract (100% Petrobras), will be 92.6594% for Petrobras and 3.6703% for each partner, already considering the adjustment in the production estimate.
Also Check This News: Petrobras Closes Contract With Saipem And DSME For The Construction Of FPSO P-79, Which Will Be Installed In The Buzios Field, In The Pre-Salt In The Santos Basin
Petrobras announced the signing of a contract with Saipem and DSME for the construction of the FPSO P-79 platform, which will remain in the Buzios field, located in the pre-salt, in the Santos Basin. The FPSO is expected to be delivered in 2025 and will have a processing capacity of 180,000 barrels of oil per day and 7.2 million m³ of gas per day. The contract between the companies is valued at US$ 2.3 billion for the supply of P-79, the eighth unit to be installed in the Buzios field.
The FPSO platform (capable of storing and transferring oil) will be operational by 2025. In addition, Petrobras stated that the FPSO P-79 will have a daily processing capacity of 180,000 barrels of oil and 7.2 million cubic meters of natural gas per day.
Petrobras’s project also includes interconnecting 14 wells to the FPSO that will be installed in the Buzios field, in the pre-salt, in the Santos Basin, consisting of eight producers and six injectors. The subsea infrastructure will feature rigid production and injection pipes and flexible service lines.
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