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The new well commitments of the 13th Bidding Round (2015)

 

August 9, 2017

By Luiz Ehlers (EnergyWay)

As reported by the newspaper O Globo, none of the wells committed in the 13th Round of Bidding have not been drilled due to environmental issues. It also highlighted that there is a paralyzed investment of around US $ 5 billion in these activities.

THE LITTLE SATISFACTORY RESULTS OF R13

The 13th Bidding Round took place in 2015 and was the first in the history without the participation of Petrobras in the bids. Being launched at a time of political crisis and internal problems of Petrobras, both the number of interested parties and the size of the bids were quite conservative.

A little more than R $ 120 million in subscription bonuses paid for the winning bids. The blocks are mostly located on land and in the Northeast in the Basins: Parnaíba (MA), Potiguar (RN), Recôncavo (BA) and Sergipe-Alagoas. There were only two offshore, both in the Sergipe-Alagoas Basin and won by Queiroz Galvão, who have declared their interest in the sale of these assets.

THE MINIMUM COMMITMENTS ON BLOCK SERVICES (PEM)

All winning consortia have a PEM (Minimum Exploratory Program) score, which corresponds to the set of exploratory activities to be carried out by the winning concessionaire.

PEM is expressed in units of work (UT), meaning each service offered receives a specific score that sums the total UT of the bid.

It should be remembered that PEM is a minimum amount of mandatory services that the concessionaire must carry out on the block. However, depending on your exploratory performance, more services can be performed.

THE COMMITTED MINIMUM WELLS

In addition to the minimum commitments for the execution of wells, a little more than thirty new wells are expected, which must be carried out. The non-compliance penalty may be up to 20% of the sum of the values ​​offered for the signature bonus and the PEM of the first exploratory period.

The largest commitments in PEM assumed are in the Parnaíba Basin in the state of Maranhão. The consortium GDF Suez and Parnaíba Gás Natural has more than half of the wells compromised. Blocks PN-T-103 and PN-T-101 have been awarded with higher PEM values ​. The commitments in these two blocks represent practically half of the wells committed in R13.

There is also a concentration of compromised wells in the Recôncavo Basin in Bahia. The largest PEM in this region indicates at least two wells to be drilled by Tek Oil and Gas. There are also commitments in the Potiguar Basin.

The two blocks offshore do not have the obligatory realization of wells. However, as mentioned before, it depends on the results and the analyzes of the concessionaire, new needs may arise.

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