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With One Week Remaining, The English Oil Company BP and The French Total Decide to Stay Out of The ANP Auction That Will Take Place Next Wednesday (11/06)
Exactly one month ago, Click Oil and Gas reported that the auction for the excess oil from the onerous assignment would have 14 companies. However, on the day (11/30) that companies were supposed to present their bid guarantees, BP and Total announced their decision to withdraw from the bidding process. Contrasting with this scenario, Petrobras declared that it will use the bonus from the onerous assignment to buy other wells in the same auction!
While Petrobras, through its president, Roberto Castello Branco, expressed all its optimism about the auction, saying that the state-owned company “will come to win” in the bidding round, the number of participants suffered these two exclusions.
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Now we will have 12 participating companies, in addition to Petrobras, including the American companies Chevron and ExxonMobil, the Chinese CNODC and CNOOC, the Colombian Ecopetrol, the Norwegian Equinor, the Portuguese Petrogal, the Malaysian Petronas, the QPI from Qatar, the Anglo-Dutch Shell, and the German Wintershall Dea.
The auction for the excess oil from the onerous assignment held by the ANP will take place next Wednesday and will pay the winning companies a total of R$ 106 billion only in signing bonuses to the union.
The Reason for The Withdrawals
There are comments in the market that some companies would have stayed out of the list of 14 participants due to the high bonuses demanded by the union, which argues that the auctioned areas are low exploratory risk, given that Petrobras has already done significant exploration work in the area.
Regarding BP, its financial director, Brian Gilvary, had declared on Tuesday (29) during a conference with investors that the company had already communicated its decision to the ANP, but the oil company is “interested in Brazil”, just remember the active participation in previous auctions.
As for Total, since the last day 10, it had been expressing interest in not participating in the round, considering that only minority stakes will be offered and that the acquisitions would not allow the company to take over the operation of the assets, meaning that the reason is indeed a current strategy of the company.
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