Pre-Salt Mega Auction Will Need Congress Approval

Written by Paulo Nogueira

Published on 07/05/2019 at 13:48

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The Federal Government Delivered on Monday, May 6th to the Court of Accounts of the Union (TCU) the Technical Documents that are Part of the Process for the Mega Auction of Pre-Salt Oil – Union Agreement with Petrobras Scheduled for October That Could Yield R$ 106 Billion.

The Complete Documents Regarding the Agreement Between the Union and Petrobras on the Bidding for Oil Wells Scheduled to Take Place on October 28th Were Delivered on Monday, May 6th to the Court of Accounts of the Union (TCU) by Ministers Paulo Guedes (Economy) and Bento Albuquerque (Mines and Energy) to the President of the TCU, José Múcio Monteiro.

The onerous assignment auction that could yield R$ 106.5 billion cannot be held without authorization from Congress; therefore, the Union also cannot make payments to Petrobras. This decision is from TCU Minister Bruno Dantas, the rapporteur on the matter in the agency. The agreement between the Union and Petrobras provides for a reimbursement of around US$ 9 billion to the state-owned company.

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Understand the Mega Auction

In 2010, the Union and Petrobras signed an agreement that, due to a lack of resources at the time to invest in pre-salt exploration, exclusively ceded to the state-owned company oil wells in five fields, in exchange for not diluting the Union’s equity interest in the oil company. The contract set a limit of 5 billion barrels, but soon after, a capacity of 12 billion barrels was discovered. This excess of 7 billion is precisely what the government aims to auction on October 28th.

According to a resolution published in the “Official Gazette of the Union” last month, the areas of Atapu, Búzios, Itapu, and Sépia in the Santos Basin will be offered. According to the published resolution, the signing bonus amounts will be: Atapu: R$ 13.7 billion; Búzios: R$ 68.1 billion; Itapu: R$ 1.7 billion; Sépia: R$ 22.8 billion.

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Pre-Salt Mega Auction Will Need Congress Approval

The Federal Government Delivered on Monday, May 6th to the Court of Accounts of the Union (TCU) the Technical Documents that are Part of the Process for the Mega Auction of Pre-Salt Oil – Union Agreement with Petrobras Scheduled for October That Could Yield R$ 106 Billion.

Understand the Mega Auction

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Pre-Salt Mega Auction Will Need Congress Approval

The Federal Government Delivered on Monday, May 6th to the Court of Accounts of the Union (TCU) the Technical Documents that are Part of the Process for the Mega Auction of Pre-Salt Oil – Union Agreement with Petrobras Scheduled for October That Could Yield R$ 106 Billion.

Understand the Mega Auction

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

Bavarian archaeologists unearthed a medieval skeleton that had an articulated iron hand in place of its left arm, and the discovery reveals that doctors were already creating sophisticated prosthetics over 500 years ago.

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