Petrobras Seeks Billion-Dollar Compensation In New Auction For Transfer of Rights

Written by Flavia Marinho

Published on 10/04/2021 at 08:43

Plataforma FPSO Petrobras / Fonte: Reprodução – Google

Seja o primeiro a reagir!

Petrobras Seeks Compensation of US$ 6.4 Billion in Upcoming Onerous Assignment Auction Scheduled for November This Year

Petrobras informed in a relevant fact yesterday (09/04) that its Board of Directors approved the signing of an agreement with the Union that establishes the shares in each contract and the compensation amount of US$ 6.4 billion to the state-owned company in the event of bidding for the surplus volumes of the Onerous Assignment in the Sépia and Atapu fields, re-auctioned by the government.

Read Also

The Onerous Assignment contract, signed in 2010 between Petrobras and the Union, included the exercise of exploration and production activities in the Sépia and Atapu areas, with production volumes limited to 500 million barrels of oil equivalent (boe) in Sépia and 550 million boe in Atapu.

In the absence of bids in the auction under the sharing regime for the surplus volumes to the onerous assignment contract for the areas of Sépia and Atapu, in 2019, Petrobras and Pré-sal Petróleo (PPSA), qualified as a representative by the Union, negotiated more competitive conditions for carrying out a new auction of the areas, for the benefit of both parties.

ARTICLE CONTINUES BELOW

After Technical Discussions, Petrobras and the Union Reached the Following Terms:

It is US$ 3.25 billion for Atapu and US$ 3.2 billion for Sépia. A total of 60.5% and 68.7% of the fields will be offered, respectively, in the upcoming onerous assignment auction scheduled for November.

The amounts of firm net compensations will be increased by a complement (earn out), due between 2022 and 2032, which will be collectible from the last business day of January of the year following the year in which the price of Brent crude oil averages more than US$ 40/bbl, limited to US$ 70/bbl. The earn out tables will be published by the Ministry of Mines and Energy, after the agreement is approved by the Minister. These complements have a one-year grace period for the payment of the first earn out installment, from 2023 to 2024, corrected at a rate of 8.99% per year.

Petrobras Seeks Billion-Dollar Compensation In New Auction For Transfer of Rights

Petrobras Seeks Compensation of US$ 6.4 Billion in Upcoming Onerous Assignment Auction Scheduled for November This Year

Read Also

After Technical Discussions, Petrobras and the Union Reached the Following Terms:

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

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.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

The CEO of Honor in Spain says that smartphones will change with AI, foldables, and even robot phones; the component crisis is making cheap models more expensive in 2026 and shifting the focus to premium.

While Congress is still discussing the end of the 6×1 schedule, major pharmacy chains, supermarkets, and clothing stores have already adopted a 5×2 schedule and report more productive and happier employees.

Blumenau bets on the Chinese concept of sponge city to end the flooding that has plagued residents for decades, transforming areas that are already underwater into recreational parks with sustainable drainage.

It has a cargo capacity of 51 tons, measures 63 meters, and carries two wings of the A350 per flight: the Airbus BelugaXL has the largest cross-section cargo hold among existing freighters and has become a key component of European air production.

New smart camera starts fining those who invade bus lanes and technology is already changing rules on busy roads in Brazil.

China puts US$ 1.2 billion on the table to tear up the Mekong River, open a 151 km canal to the sea, and completely change Cambodia’s trade route, reducing dependence on Vietnam and increasing environmental and geopolitical tension in the region.

Petrobras Seeks Billion-Dollar Compensation In New Auction For Transfer of Rights

Petrobras Seeks Compensation of US$ 6.4 Billion in Upcoming Onerous Assignment Auction Scheduled for November This Year

Read Also

After Technical Discussions, Petrobras and the Union Reached the Following Terms:

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

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.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

The CEO of Honor in Spain says that smartphones will change with AI, foldables, and even robot phones; the component crisis is making cheap models more expensive in 2026 and shifting the focus to premium.

While the world felt the pinch of rising oil prices, oil companies pocketed at least $23 billion extra from the crisis in Ormuz.

Oil plummets more than 10% and the market turns upside down after Iran opens Hormuz and eases fears about the main route in the Gulf.

Petrobras robots confirm the presence of hydrocarbons in the pre-salt of the Campos Basin at a depth of 2,984 meters, in a new exploratory well located 201 km off the coast of Rio de Janeiro.

A Canadian study detects record methane emissions and reveals that abandoned oil wells pollute up to 1,000 times more than expected.

Foresea announces winners of the 3rd supplier award highlighting performance, technology, and sustainability in the oil and gas sector in Macaé.

While Congress is still discussing the end of the 6×1 schedule, major pharmacy chains, supermarkets, and clothing stores have already adopted a 5×2 schedule and report more productive and happier employees.

Blumenau bets on the Chinese concept of sponge city to end the flooding that has plagued residents for decades, transforming areas that are already underwater into recreational parks with sustainable drainage.

It has a cargo capacity of 51 tons, measures 63 meters, and carries two wings of the A350 per flight: the Airbus BelugaXL has the largest cross-section cargo hold among existing freighters and has become a key component of European air production.

New smart camera starts fining those who invade bus lanes and technology is already changing rules on busy roads in Brazil.

China puts US$ 1.2 billion on the table to tear up the Mekong River, open a 151 km canal to the sea, and completely change Cambodia’s trade route, reducing dependence on Vietnam and increasing environmental and geopolitical tension in the region.