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Legal Update

First Pre-Salt Round to be held in October 2013

24 May 2013
Tauil & Chequer Legal Update

The National Energy Policy Council (CNPE) has authorized, by means of the Resolution No. 4, from May 22, 2013, the Brazilian Petroleum Agency (ANP) to promote the first bidding round for the pre-salt area.

The Pre-Salt Round 1 will be promoted in accordance with the production sharing regime in force in Brazil since the issuance of Law No. 12.351/2010.

The bid, which was initially scheduled to be held in November, will occur in the second half of October and will exclusively offer the prospect of Libra, located in Santos Basin (as shown in the image). The bidding round for exploratory blocks with potential for unconventional gas, which was initially announced for October, was postponed until November.

ANP´s studies pointed out that the prospect of Libra has a potential in situ of between 26 and 42 billion barrels of oil,  with a recoverable volume estimated between 8 and 12 billion barrels of oil. Due to such exceptional results, the government decided to limit the first round only in the prospect of Libra.

According to ANP´s general director, Magda Chambriard, “Marlim, which is the largest producing field in Brazil, has a recoverable volume of 2 billion barrels. The Roncador field has 2.5 billion barrels. The area that will be offered is huge and speaks for itself. It is equivalent to those two fields and others that exist in the country, together”.

Although the Pré-Sal Petróleo S.A (PPSA), a public company that will be responsible for the management of the production sharing agreements, is still not completely organized, the general director understands that ANP may temporarily represent the government until the organization of PPSA is concluded.

The relevant tender protocol is expected to be published next week.

For more information about the Pre-Salt Round 1 or any other matter regarding this Legal Update, please contact , , or .

Authors

  • Alexandre R. Chequer
    T +55 21 2127 4212
  • Victor Galante
    T +55 21 2127 4275
  • Bruno Triani Belchior
    T +55 21 2127 4205

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