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With the Long-Awaited Agreement of the Surplus Transfer between the Government and Petrobras Finalized, the Amount to Be Received by the Oil Company Relates to the Review of the Surplus Transfer Contract
In an extraordinary meeting of the National Energy Policy Council (CNPE), held this Tuesday (04/09), the government announced the payment to Petrobras of US$ 9.058 billion for the surplus transfer contract to be reviewed.
The payment will be made by the union in a single installment and will be funded with the amount that exceeds the auction of the surplus that the government intends to conduct or on a deadline yet to be defined.
The Special Secretary of the Treasury, Waldery Rodrigues, believes that the payment will be made on the same day the auction bonus is signed.
He also emphasized that the payment should take place on December 13 and that due to the interest that the auction is generating in the market the amount of bonus collected will be high and will cover this payment to Petrobras.
The announcement for the Surplus Transfer auction is expected to be released on August 30, with the auction already scheduled for October 28.
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As stated by the Minister of Mines and Energy, Bento Albuquerque, the amount of the signing bonus and the auction rules should be defined in the next CNPE meeting on April 17.
The minister clarified that today’s agreement will still require an addendum to be approved by Petrobras’ board of directors, by ANP, and by the Federal Court of Accounts.
The Surplus Transfer Agreement
In a discussion that has lasted five years, Petrobras is being reimbursed for the review of the surplus transfer contract, signed with Petrobras in 2010.
At that time, the oil company received the right to produce up to 5 billion boe in the areas of Florim, Franco, South of Guará, Surrounding Iará, South of Tupi, and Northeast of Tupi, in the Santos cluster. The value of the barrel of oil equivalent was estimated at US$ 8.51, which generated a payment of US$ 42.5 billion by the oil company.
The exploratory work done 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 to be auctioned and would belong to Petrobras. An agreement was necessary because such a situation was not foreseen in the contract (the oil reserves turned out to be much higher than expected).
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