On May 15, 2019, Brazil’s Ministry of Mines and Energy – MME (“MME”) published Ordinance No. 224/2019, which disclosed for Public Consultation the draft of an ordinance to govern the Co-participation Agreements in the context of the Transfer of Rights Surplus Bidding Round (“Draft”). The Co-participation Agreements will be executed between Petróleo Brasileiro S.A. – Petrobras (“Petrobras”), as Transferee under the Transfer of Rights Agreement, and the future Contractors under the Production Sharing Agreements of the Surplus Volume of the areas of Atapu, Búzios, Itapu and Sépia.

The Draft was made available in Portuguese and English and may be accessed via this link, among other information on the Public Consultation. A guide on how to submit comments to the draft was also published (Portuguese only) and is available via this link.

The deadline for submitting comments is May 25, 2019.