Petrobras reserves operating rights to 5th Bid Round offshore block

Petrobras has submitted an expression of interest to Brazil’s National Energy Policy Council to exercise its pre-emption right for a block in the country’s 5th Bid Round.

Offshore staff

RIO DE JANEIROPetrobras has submitted an expression of interest to Brazil’s National Energy Policy Council (CNPE) to exercise its pre-emption right for a block in the country’s 5th Bid Round, which could be staged in September.

This would entail the company taking a 30% operated stake in the offshore Sudoeste de Tartaruga Verde block, paying a signature bonus of R$21 million ($5.5 million).

However, the company may increase its percentage for the area where it is exercising its pre-emption right, forming consortia to participate in the bidding processes.

In relation to the areas in which Petrobras has not exercised its pre-emption right, the company may participate on an equal basis with other bidders, whether acting as operator or non-operator.

Following the sudden resignation ofCEO Pedro Parente over the country’s fuel pricing policy, Petrobras intends to appoint engineer Ivan de Souza Monteiro as his replacement.

06/06/2018

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