(Petrobras, 27.Dec.2019) — Petrobras today made the final payments in the amount of R$ 34.191 billion (thirty four billion one hundred and ninety one million reais), referring to the bidding rounds of the Transfer of Rights (TOR) surplus, Buzios and Itapú areas, 16th round under Concession Regime, block CM-477, and […]
Tag: TOR
Petrobras On TOR Amendment
(Petrobras, 11.Dec.2019) — Petrobras following up on the release dated November 1, 2019, informs that, in alignment with its cash management strategy and in accordance with the provisions of the Amendment Term to the Transfer of Rights Agreement, paid to the Federal Government the amount of R$ 34.420 billion (thirty-four […]
Big Oil Stuns Brazil In Back-to-back Auction Flops
(Reuters, Marianna Parraga, Gram Slattery and Marta Nogueira, 7.Nov.2019) — Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up promising offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA. The only […]
Brazil’s Pre-salt Encore Flops
(Argus, 7.Nov.2019) — Brazil’s pre-salt auction today mirrored the lackluster results from yesterday’s much-hyped Transfer of Rights offer, raising questions about bonus pricing, the appeal of the country’s production-sharing terms and state-controlled Petrobras’ first-right mandate. Petrobras teamed up with a Chinese partner to take just one of the five exploration […]
Petrobras Buys Aram Block In 6th PSC Bid Round
(Petrobras, 7.Nov.2019) — Petrobras reports that the consortium in which will be the operator, holding 80% of work interest, in partnership with CNODC Brasil Petróleo e Gás Ltda. has acquired one offshore block in the 6th bidding round under the Production Sharing Contract (PSC), held today by the National Agency […]
Brazil Oil Auction A ‘Total Disaster’
(Bloomberg, Sabrina Valle, Peter Millard, and Luiza Ferraz, 6.Nov.2019) — Brazil’s largest-ever auction of oil deposits flopped, sending the real tumbling, after state-controlled Petroleo Brasileiro SA did most of the bidding while other major oil companies stayed away. Petrobras, as the company is known, joined with China’s Cnooc Ltd. and […]
Field Narrows As Brazil Oil Auction Nears
(Reuters, Gram Slattery and Marta Nogueira, 5.Nov.2019) — As Brazil approaches the biggest oil auction in its history — and one of the world’s most expensive ever — the field of deep-pocketed bidders has narrowed to less than a dozen oil majors. In Wednesday’s auction, known as the transfer-of-rights (TOR) […]
Petrobras Inks TOR Amendment Agreement
(Petrobras, 1.Nov.2019) — Petrobras, following the press release issued on October 31, 2019, reports that it has signed today the Amendment to the Transfer of Rights Agreement. The signing of the Amendment occurred prior to the Transfer of Rights surplus bidding round, after reaching the budget solution for the payment […]
Brazil’s $50bn Oil Boom Is Falling Apart
(Oilprice.com Julianne Geiger, 31.Oct.2019) — Exxon may not be interested in stepping up to the bidding plate at Brazil’s massive $50 billion transfer of rights auction next week, because the oilfields up for grabs come with a hefty price tag, Exxon’s president of exploration, Stephen Greenlee said in an interview […]
Petrobras On Amendment To TOR Deal
(Petrobras, 31.Oct.2019) — Petrobras in addition to the press release issued on October 23, 2019, reports that the signing of the Amendment to the Transfer of Rights Agreement was postponed for tomorrow, November 1, 2019. The new signing date was approved by the company’s Board of Directors, as it complies […]
Brazil Collects 900 Tonnes Of Spilled Oil
(Kallanish, 23.Oct.2019) — Brazil has collected some 900 tonnes of oil residue from its northeastern beaches since early September, the government said in a joint note Monday. According to the Brazilian Navy, environmental agency Ibama and oil regulator ANP, the mammoth clean up continues across the Brazilian northeast coast. Over […]
Petrobras Comments On TOR Agreement Amendment
(Petrobras, 23.Oct.2019) — Petrobras, in addition to the press release issued on May 21, 2019, reports that its Board of Directors has ratified the signature and approved adjustments to the draft Amendment to the Transfer of Rights Agreement. Such ratification occurs after the issuing of MME Ordinance No. 265 of […]
Petrobras, Brazil’s Gov’t Near Marketing Deal
(Reuters, Gram Slattery, Marta Nogueira, 22.Oct.2019) — Brazil’s Petrobras could take over marketing of the government’s share of crude from offshore oilfields, a government official told Reuters, adding significantly to the state-run oil firm’s trading operations. In an interview on Monday, the head of Pre-Salt Petroleum, better known by its […]
How Brazil’s $26bn TOR Auction Works
(Reuters, Gram Slattery and Marta Nogueira, 16.Oct.2019) — Brazil’s Senate passed the main text of a bill defining the distribution of proceeds from a blockbuster auction of oil prospecting rights, a key milestone for the enormous offshore region known as TOR – the ‘transfer-of-rights’ area. The bidders who win exploration […]
Brazil’s Senate Committee Paves Way For Offshore Oil Rights Sale
(Reuters, 15.Oct.2019) — A Brazilian Senate committee cleared the way for what may be a record-setting offshore oil rights auction on Tuesday, approving a government deal with state-run oil company Petroleo Brasileiro SA to settle a years-old dispute. The full Senate is also expected to vote later on Tuesday on […]
ANP Sets Dates For TOR And 6th Production Round
(ANP, 11.Oct.2019) — Brazil’s Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP) announced the dates for the next two bid rounds. The ANP’s bid round calendar includes two more auctions for 2019: the Transfer of Rights Surplus Bidding Round (November 6) and the 6th Production Sharing Round, with […]
Petrobras’ P-68 Departs For Berbigão And Sururu fields
(Petrobras, 16.Sep.2019) — Petrobras reports that the P-68 platform left today the Jurong Aracruz Shipyard, heading to the Berbigão and Sururu fields, in the Santos Basin pre-salt. Production of these fields is expected to begin in the fourth quarter of 2019. In line with its 2019-2023 Business and Management Plan, […]
Petrobras Updates On TOR Approval
(Petrobras, 5.Sep.2019) — Petrobras reports that the Brazilian Senate approved the Constitutional Amendment Proposal (CAP) that allows the Federal Government to share with states, the Federal District and municipalities the funds raised in the pre-salt auctions – CAP 98/2019, one of the required steps to enable the payment by the […]
Brazil Senate Approves TOR Settlement With Petrobras
(Reuters, 3.Sep.2019) — Brazil’s Senate on Tuesday night approved an amended transfer of rights agreement settling a dispute over pre-salt oil fields between the government and oil company Petrobras that still needs to pass the lower house to clear the way for auctions later this year. Senators agreed that 3 […]
ANP 16th Bid Rounds: Mitigating Sky-high Bonuses
(WoodMac, 6.Jun.2019) — After three highly competitive exploration bid rounds in 2018, momentum is building for Brazil’s three-round licensing bonanza that starts later this year. While the PSC Round 6 planned for November still looks to be on track, the remaining rounds are less certain. Originally planned for October, the […]
Petrobras Approves Amendment To Transfer Of Rights Agreement
(Petrobras, 21.May.2019) — Petrobras says its Board of Directors approved the execution of the Amendment to the Transfer of Rights Agreement pursuant to the National Council of Energy Policy, Resolution No. 5, of April 9, 2019. The amendment provides for the reimbursement of US$ 9.058 billion (nine billion and fifty […]