Petrobras approved to produce surplus volumes for presalt areas

Brazil's National Energy Policy Council (CNPE) has approved to directly contract Petrobras to produce the volume that exceeds what has been contracted under the transfer of rights agreement at four presalt areas – Buzios, Iara Surround, Florim, and Tupi Northeast.

Jun 25th, 2014

Offshore staff

RIO DE JANEIROBrazil's National Energy Policy Council (CNPE) has approved to directly contract Petrobras to produce the volume that exceeds what has been contracted under the transfer of rights agreement at four presalt areas – Buzios, Iara Surround, Florim, and Tupi Northeast.

The production sharing agreement for these four areas will have a duration of 35 years. This resolution covers volumes exceeding the 5 Bboe contracted under the transfer of rights agreement, and establishes parameters that include a percentage of the profit oil to be paid to the federal government: 47,42% for Buzios, 48,53% for Iara Surround, 46,53% for Florim, and 47,62% for Tupi Northeast.

Petrobras believes that the parameters approved by the CNPE will give this project (surplus of the transfer of rights) the same level of attractiveness expected from the Libra field. The National Petroleum, Natural Gas and Biofuels Agency (ANP) estimates indicate that these four areas may contain additional volumes between 9.8 and 15.2 Bboe.

06/25/2014

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