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National Agency of Oil and Gas earned R$ 916,252,000.00 in signing bonuses (72% of the maximum possible) that will generate a lot of jobs and income for Brazilians!
The year 2023 promises to be promising for oil and gas professionals. ANP recorded almost R$ 1 billion in signing bonuses (72% of the maximum possible) on November 16, during the 1st Cycle of the Permanent Production Sharing Offer (OPP). The signing of contracts is expected to occur by April 28, 2023.
Out of the 11 oil blocks offered at the auction, four were sold, generating revenue of R$ 916,252,000.00. Additionally, only in the first phase of the contracts (exploration phase), R$ 1.44 billion in investments are expected from the winning companies!
“Today we achieved a good result for Brazil. The amount collected in signing bonuses represents 72% of the maximum that could have been collected if all areas had been auctioned. With this, we ensure minimum investments of R$ 1.44 billion, which will result in economic activity, jobs, and income for Brazilians. This shows that the areas with the greatest potential attracted interest from oil and gas exploration and production companies,” said ANP General Director Rodolfo Saboia.
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He also highlighted the fact that two of the areas, Água Marinha and Norte de Brava, had competition. “In Água Marinha, the minimum percentage of excess oil was exceeded by 220%, and in the case of Norte de Brava, the offered percentage had a premium of almost 171.73% above the minimum. With this, we ensured more resources for Brazilian society in the long term, through a higher collection on the profit from oil production resulting from the auction,” he added.
Watch the Video Below and Check Out What Happened in the Permanent Production Sharing Offer
It is worth noting that in all rounds under the sharing regime, the signing bonuses (the amount paid in cash by companies that win areas in the bidding) were fixed and determined in the notice.
The ANP informed that the criterion for selecting the winning companies was the excess oil for the Union. The notice of the auction established a minimum percentage of excess oil, from which the companies made their bids.
The excess oil is the portion of the production of oil and/or natural gas to be shared between the Union and the contracted company, according to criteria defined in the contract, resulting from the difference between the total production volume and the portions related to the royalties due and the cost in oil (the portion of production corresponding to the costs and investments of the company in the operation of the field).
What is the Permanent Offer
The Permanent Offer is currently the main bidding modality for areas for the exploration and production of oil and natural gas in Brazil. In this format, there is a continuous offer of exploratory blocks and areas with marginal accumulations located in any land or sea basins.
Once having their registration approved in the Permanent Offer, the company can express interest in one or more of the blocks and areas offered in the Notice. After approval by the Special Bidding Commission (CEL) of one or more interest declarations, a cycle of the Permanent Offer begins, with the disclosure of its schedule by the Commission. The cycles correspond to the public sessions for presenting bids for one or more sectors that had an expression of interest. On the day of the public session, registered companies can make bids for blocks and areas with marginal accumulations in the sectors being auctioned in that cycle.
Currently, there are two modalities of Permanent Offer: Permanent Offer of Concession (OPC) and Permanent Offer of Production Sharing (OPP), according to the contract regime (concession and sharing). Three cycles of the OPC have already been held, and today the 1st Cycle of the OPP took place.
Click here to learn more about the Permanent Offer
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