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ARTICLE · 17 FEBRUARY 2022

Permanent Offer – Petrobras Exercises Its Preferential Right In Two Areas

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On February 9, 2022, Brazil's National Energy Policy Council ("CNPE") published CNPE Resolution No. 1/2022, contemplating announcing the exercise of Petróleo Brasileiro S.A.'s ("Petrobras")...

BrazilEnergy and Natural Resources
Bruno Belchior
Bruno Belchior
Bárbara Eiroa Leite
Bárbara Eiroa Leite
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On February 9, 2022, Brazil's National Energy Policy Council ("CNPE") published CNPE Resolution No. 1/2022, contemplating announcing the exercise of Petróleo Brasileiro S.A.'s ("Petrobras") preferential right to be the operator in two Pre-salt areas to be offered in the Permanent Offer system under the production sharing regime.

Petrobras exercised its preferential right to be the operator in Água Marinha and Norte de Brava, with a minimum participating interest of 30%. These two areas are among the 11 areas authorized to be included in the Permanente Offer by CNPE Resolution No. 26/2021 (detailed in our previous Legal Update).

For these two areas, pursuant to Decree No. 9.041/2017, Petrobras will have the "pull out option" to refuse to enter into a production sharing agreement if the federal government's profit oil percentage offered by another company or consortium — declared as the winner — is higher than the minimum percentage established in the tender

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This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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