Petrobras Is Interested in Two Pre-Salt Areas in October Auctions

Written by Paulo Nogueira

Published on 22/05/2019 at 09:00

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Petrobras Said on Tuesday That It Is Interested in Exercising Its Preferred Right to Bid on Two Areas in an Oil Surplus Auction from the So-Called “Transfer of Rights” (TOR) Area, According to the Company’s Document.

The Brazilian state-owned company stated that it is interested in the areas of Búzios and Itapu, based on a 30% stake with a chance to increase its participation on the day of the auction, which is expected in October. The auction may result in a signing bonus of nearly 21 billion reais (US$ 5.20 billion) and will take place on October 28. Petrobras said it could participate in auctions for two other areas, but under the same terms available to other potential bidders.

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Petrobras’ news about its desire to enter the auction brings clarity to a long-awaited auction that is likely to attract some of the world’s largest energy companies and which, according to the government, could generate around 100 billion reais (US$ 26 billion).

Petrobras settled a long dispute over the TOR area, a zone of approximately 2,800 square kilometers off the southeast coast of Brazil, where billions of barrels of oil are trapped beneath a layer of salt under the ocean floor.

Under the terms of the agreement, the Brazilian government will pay Petrobras US$ 9.058 billion, paving the way for the auction, which grants access to assets valued in a oil production area known as pre-salt. The area has emerged as one of the most promising conventional oil plays in the world.

Petrobras and the government are still discussing how the auction winners will likely partner with the state oil company, which is already producing in Búzios and has the right of first refusal to remain as operator in the four fields.

Regardless of the final agreement, the auction winners will be required to compensate Petrobras for the infrastructure and exploratory work in which the company has already invested.

Among the companies with exploration and production assets adjacent to or relatively close to the TOR area, which offer potential cost savings, are Total SA, Royal Dutch Shell PLC, and China’s CNOOC Ltd and CNPC.

Source: Reuters

Petrobras Is Interested in Two Pre-Salt Areas in October Auctions

Petrobras Said on Tuesday That It Is Interested in Exercising Its Preferred Right to Bid on Two Areas in an Oil Surplus Auction from the So-Called “Transfer of Rights” (TOR) Area, According to the Company’s Document.

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