Transfer Of Rights Agreement Brazil

WesternGeco has developed an extensive regional program to assess the potential for exploration in the fertile Santos and Campos basins at the basin level. The Southern Regional Post Stack Merge project brought together 54 narrow 3D azimut seismic studies, covering approximately 100,000 km2. WesternGeco`s imaging processes have produced a consistent and reliable seismic image over the region with geologically limited speed models. The post-stack depth strip provides an overview of the complex santos and Campos basins, including the fertile fields of Brazil 2019 Transfer of right blocks. Under an agreement signed in 2010, Petrobras has the right to extract up to five billion barrels of oil equivalent from these areas that are part of the pre-salt pole. As a volume that has been discovered, the National Energy Policy Council this year authorized the National Petroleum Agency to provide this divisional surplus that will occur on November 6, which could generate a total of more than R 100 billion when the bonus is signed. Until recent months, the two sides seemed to be very far apart. But since new President Jair Bolsonaro appointed a new Petrobras chief in January, talks appear to have intensified, culminating in the more than $9 billion deal. In a negotiation, the winning bidder could also have a percentage of production between the date of the production sharing agreement and the effective date of the participation agreement, which is 18 months later than the end of March 2020. The amount paid by the winning bidder who signs the production-sharing agreement in compensation for Petrobras` expenses is recorded as cost oil on the day of the transfer of ownership of the asset.

In order to maintain its controlling interest in the national oil company, the Brazilian government sold the production rights for BRL 74.8 billion ($19.43 billion). The government bought other shares in the enterprise with the receipts. The solution to this problem has been published in the Portaria MME 265/2019. The winning bidder will sign a participation agreement, establish some fields and Petrobras will pay compensation. The company said it had been made aware of the announcement by the CNPE, Brazil`s energy regulator, regarding the revision of the transport contract. In this agreement, investments and production are distributed among the parties with the share of the volume of oil recoverable in the various sectors and negotiated between the winning bidder, PPSA and Petrobras after the offer, and negotiated until September 2021, subject to the agreement of the ANP. Assess Presalt goals with more certainty than before. On November 7, 2019, the Brazilian National Agency for Oil, Natural Gas and Biofuels (ANP) auctions off excess reserves in four pre-salt fields in the Santos Basin. This surplus is the result of the 2010 agreement on the transfer of rights between Petrobras and the Brazilian government, which granted Petrobras the right to extract up to 5 billion oil equivalents. Due to high quantities of oil and natural gas and high productivity, the ANP auctions the rights to the Atapu, Buzios, Itapu and Sepia blocks, which together cover about 1,400 sq km. Under a production-sharing model, the Petrobras winner pays compensation for investments already made in the region and acquires part of the assets and production. The problem: how about an agreement of two contracts in different specifications in the same area? How will Petrobras get reimbursed for costs already incurred in the zones? The National Energy Council announced Tuesday that the Petrobras government, as it is known, would pay $9.058 billion to end its contract dispute over the Transfer of Rights Area (TOR).