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ARTICLE · 03 MAY 2021

Second Transfer Of Rights Surplus Volume Bidding Round: CNPE Approves Technical And Economic Parameters

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On April 22, 2021, the Brazilian National Energy Policy Council published CNPE Resolution No. 05/2021, which establishes the technical and economic parameters for the 2nd Bidding Round under the Production Sharing regime ...

BrazilEnergy and Natural Resources
Bruno Triani Belchoir
Bruno Triani Belchoir
Bárbara Eiroa Leite
Bárbara Eiroa Leite
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On April 22, 2021, the Brazilian National Energy Policy Council ("CNPE") published CNPE Resolution No. 05/2021 ("Resolution"), which establishes the technical and economic parameters for the 2nd Bidding Round under the Production Sharing regime for the Surplus Volume contracted under the Transfer of Rights regime ("2nd Bidding Round").

The 2nd Bidding Round will offer the surplus volume of the Sépia and Atapu fields, located in the Santos Basin. Petrobras will have 30 days, counted from the Resolution's publication, to exercise its preferential rights to be Operator with at least 30% participating interest in each offered field.

The Resolution set the signature bonus due to the Federal Government at (i) BRL 7,138,000,000.00 (seven billion one hundred and thirty-eight million reais)  in the Sépia field and (ii) BRL 4,002,000,000.00 (four billion and two million reais) in the Atapu field.

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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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