By Raising R$ 69.96 Billion, Out of a Possible R$ 106.5 Billion, Oil from the Production Sharing Agreement Yielded Less Than Expected
Not that the auction for surplus oil from the production sharing agreement, held today (11/06) by ANP, was a failure; after all, the amount raised is a record for auctions. Petrobras and Chinese Companies Acquire Two Areas in the Mega Auction of the Pré-Sal Surpluses!
Since only two of the four areas offered were auctioned, the total reached was R$ 69.96 billion, out of the expected R$ 106.5 billion.
The shortfall from the expected amount was due to the lack of bids for the Atapu and Sépia fields, which did not receive offers in the auction. This means that the states and municipalities that counted on R$ 22 billion this year will have to settle for R$ 11.7 billion.
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The oil auction today ended with Petrobras (90%) in partnership with the Chinese companies CNODC and CNOOSC (5% each) acquiring the largest block of the auction, Búzios, with the Itapu block being fully acquired by Petrobras.
The Distribution of Funds
Of the R$ 69.96 billion raised, it was already agreed that Petrobras would receive R$ 34.6 billion as compensation for the revision of the contract that governs the production sharing agreement.
Thus, Petrobras will receive this amount and will complete it with R$ 63.14 billion to be paid for the Búzios and Itapu fields. CNOOC and CNODC will pay the remaining R$ 6.82 for acquiring 10% of the Búzios field.
After payment to Petrobras, 30% of what remains will be divided among states and municipalities, according to the criteria approved by the Chamber of Deputies and the Senate.
It was also agreed with the legislature that 3% of the signing bonus raised in the auction would go to the state of Rio de Janeiro, which will receive R$ 1.1 billion for the areas contracted today.
According to the Minister of Mines and Energy, Bento Albuquerque, the unawarded areas in the mega auction of the production sharing agreement are expected to be re-bid in the first semester of 2020.
According to the government leader in the Senate, Fernando Bezerra (MDB/PE), the result should be celebrated, “The areas that were not auctioned will be put out for bidding in the first semester of next year, which means that states and municipalities will not be left without resources,” he stated.
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