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Oil mega auction yielded to states and municipalities only half of what was expected

Written by Renato Oliveira
Published 06/11/2019 às 19:25


Onerous assignment oil

By raising BRL 69,96 billion, out of the possible total of BRL 106,5 billion, oil from the onerous assignment yielded less than expected

Not that the Auction for excess oil from the transfer of rights, held today (06/11) by the ANP, was a failure, after all, the amount collected is a record in auctions. Petrobras and the Chinese bid for two areas in the pre-salt surplus mega-auction!
As only two of the four areas offered were auctioned, the amount reached was BRL 69,96 billion, out of the expected total of BRL 106,5 billion.

The failure to reach the expected value was due to the lack of proposals for the Atapu and Sépia fields that did not receive bids in the auction, this means that the states and municipalities that had BRL 22 billion, this year, will have to settle for BRL 11,7 billion.

Today's oil auction ended with Petrobras (90%) in partnership with the Chinese CNODC and CNOOSC (5% each) winning the largest block in the auction, Búzios and the Itapu block being acquired in its entirety by Petrobras.

The division of values

Of the R$69,96 billion raised, it was already agreed that Petrobras would receive R$34,6 billion as compensation for revising the contract governing the onerous assignment.
thus, Petrobras will receive this amount and will complete with it the amount of R$ 63,14 billion to be paid for the Búzios and Itapu fields. CNOOC and CNODC pay the remaining BRL 6,82 for having acquired 10% of the Búzios field.

After payment to Petrobras, 30% of what remains will be divided between states and municipalities, according to criteria approved by the Chamber of Deputies and the Senate.
It was also agreed with the legislature that 3% of the signature bonus raised in the auction would go to the state of Rio de Janeiro, which will then receive R$ 1,1 billion for the areas that were contracted today.

According to the Minister of Mines and Energy, Bento Albuquerque, the areas not sold in the mega auction for the transfer of rights should be re-bid in the first half of 2020.

According to the leader of the government in the Senate, Fernando Bezerra (MDB/PE), the result should be celebrated, “The areas that were not auctioned will be put up for bidding in the first half of next year, which means that the states and municipalities will not run out of resources”, he declared.

Read too ! In Rio, workers at Porto do Açu protest against mass layoffs!

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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