Onerous Assignment – Itapu Block

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According to Law 12,276/2010, the onerous assignment is a regime of direct contracting of specific oil areas from the Union to Petróleo Brasileiro S.A – Petrobras. This law granted Petrobras the right to extract up to five billion barrels of oil equivalent from unceded areas located in the pre-salt, as detailed in the Onerous Assignment Agreement, signed between the Union and Petrobras. Considering the legal limitation regarding the maximum volume to be extracted in the Onerous Transfer Agreement and the existence of volumes exceeding those contracted, the National Energy Policy Council (CNPE), through CNPE Resolution No. 06/2019, published in the Official Gazette of Union of 04/18/2019, authorized the ANP to carry out the Production Sharing Bidding Round for Excess Volumes to those contracted under the Onerous Assignment regime in Pre-salt areas. In the same normative act, the CNPE approved the technical and economic parameters of the areas offered. Through CNPE Resolution No. 08/2019, published in the Official Gazette of the Union (DOU) of 05/09/2019, the minimum percentages of participation in the Cession Surplus Areas were changed and it was determined that Petrobras must express its opinion on the right preferably in each of the blocks offered, within a maximum period of thirty days, counting from publication. The following development areas were offered in the Santos Basin, with the respective minimum participation percentages and signature bonus values: I – in the Atapu area, 26.23% and R$ 13,742,000,000.00 (thirteen billion, seven hundred and forty-two million reais); II – in the Búzios area, 23.24% and R$68,194,000,000.00 (sixty-eight billion, one hundred and ninety-four million reais); III – in the ltapu area 18.15% and R$ 1,766,000,000.00 (one billion, seven hundred and sixty-six million reais); It is IV – in the Sépia area 27.88% and R$ 22,859,000,000.00 (twenty-two billion, eight hundred and fifty-nine million reais). Project qualified at the 9th CPPI Meeting on 05/08/2019. Resolution No. 53, of May 8, 2019 On May 21, 2019, Petrobras expressed interest in exercising the right of preference in bidding for volumes exceeding the Transfer of Rights Agreement, under the terms of Law 12,351/2010 and Federal Decree 9,041/2017. The Executive Board approved the expression of interest in exercising the right of preference in the development areas of Búzios and Itapu, with a percentage of 30% considering the parameters disclosed in CNPE Resolution 08/2019 and MME Ordinance 213/2019. Two blocks were auctioned – Búzios and Itapu, with a total collection of R$ 69,960,000,000.00 in signing bonus. The Búzios area was purchased by the consortium formed by Petrobras, with a 90% stake, CNOOC Petroleum Brasil Ltda with a 5% stake and CNODC Brasil Petróleo e Gás Ltda with a 5% stake. The signing bonus was R$68,194,000,000.00 with a surplus in oil of 23.24% for the Union. The Itapu area was purchased by Petrobras, with 100% participation, with a bonus of R$1,766,000,000.00 and a surplus in oil for the Union of 18.15%. On March 30, 2020, the ANP promoted the signing of two production sharing contracts with the three winning companies: CNOOC Petroleum Brasil Ltda, CNODC Brasil Petróleo e Gás Ltda. and Petróleo Brasileiro S.A. – Petrobras. The contracts were signed by Bento Costa Lima Leite de Albuquerque Júnior, Minister of State for Mines and Energy; José Gutman, General Director of the ANP; José Eduardo Vinhaes Gerk, President of PPSA; Roberto da Cunha Castello Branco, President of Petróleo Brasileiro S.A. – PETROBRAS; Guangfeng Wan, General Director of CNODC Brasil Petróleo e Gás Ltda. and Jianbo Sheng, President of CNOOC Petroleum Brasil Ltda. Also consult the list and extracts of signed contracts published in the DOU on 04/01/2020 on the page http://rodadas.anp.gov.br/pt/rodada-de-licitacoes-de-partilha-de-producao-do -surplus-from-onerous-cession/signing-of-contracts