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Government will pay 9 billion dollars to Petrobras for the Assignment of Rights

Written by Renato Oliveira
Published 11/04/2019 às 01:00
Updated 10/04/2019 às 17:59

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Petrobras
Onerous assignment will yield US$9 billion to Petrobras

The long-awaited Assignment of Rights agreement between the government and Petrobras has been closed, the amount to be received by the oil company refers to the revision of the Assignment of Rights contract

In an extraordinary meeting of the National Energy Policy Council (CNPE), which took place this Tuesday (09/04), the government announced the payment to Petrobras of US$ 9,058 billion so that the onerous assignment contract could be revised.
Payment will be made by the union in a single installment and will be paid with the amount that exceeds the surplus auction that the government intends to carry out or on a deadline to be defined.

The Special Secretary for Finance, Waldery Rodrigues, believes that the payment will be made on the same day of signing the auction bonus.
He also reinforced that the payment should take place on December 13th and that at interest that the auction is arousing in the market the amount of bonus collected will be high and will cover this payment to Petrobras.
The notice for the Assignment of Rights auction should be launched on August 30th and the auction is already set for October 28th.

As declared by the Minister of Mines and Energy, Bento Albuquerque, at the next CNPE meeting, on April 17, the value of the signing bonus and the rules for the auction must be defined.
The minister also clarified that today's agreement will still have the amendment approved by the board of directors of Petrobras, by the ANP and by the Federal Court of Auditors.

The Onerous Assignment Agreement

In a discussion that has lasted five years, Petrobras is being compensated for the review of the onerous assignment contract, signed with Petrobras in 2010.
At the time, the oil company received the right to produce up to 5 billion boe in the areas of Florim, Franco, Sul de Guará, Entorno de Iará, Sul de Tupi and Nordeste de Tupi, in the Santos cluster. The value of a barrel of oil equivalent was estimated, at the time, at US$ 8,51, which generated a payment of US$ 42,5 billion by the oil company.

The exploratory work carried out in the region resulted in the discovery of ten fields: Itapu, Búzios, South of Sapinhoá, North of Berbigão, South of Berbigão, North of Sururu, South of Sururu, Atapu, South of Lula and Sépia.
The surplus would be the portion that would be auctioned and would belong to Petrobras. an agreement was needed, as such a situation was not foreseen in the contract (oil reserves were confirmed to be much higher than forecasts).

Did you see that oil discoveries this year should surpass 30% last year? Access here and learn everything!

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Renato Oliveira

Production Engineer with a postgraduate degree in Manufacturing and assembly of pipelines with 30 years of experience in inspection/manufacturing/assembly of pipelines/tests/Planning and PCP and commissioning in shipbuilding/offshore (conversion of FPSO's hulls and topsides modules) in the largest national shipyards and 2 years in a Japanese shipyard (Kawasaki) inspecting and accompanying fabrication and assembly techniques of structures/pipes/outfittings (advanced finishing) for hull from Drillships.

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