P-74 is released by Ibama and may be the first project of the onerous assignment

January 11, 2018

Petrobras received from Ibama a license to install the P-74 platform in the Búzios field, an area of the onerous assignment of the Santos Basin pre-salt. The license is valid until October 18, 2021 and allows the installation of production collection and disposal system.

The P-74 is the first definitive platform of the onerous assignment to receive installation license and should be the first to go into production in the area. The unit, which is in the process of being integrated at the EBR shipyard, will have the capacity to produce 150,000 barrels a day of oil and compress 6 million cubic meters a day of natural gas.

The Búzios field was declared commercial by Petrobras in December 2013 and has 3.058 billion barrels of recoverable oil, similar to what was discovered by the consortium Petrobras, Shell, Total, CNPC and CNOOC in the Mero block, the first in the country. Petrobras’ current business plan foresees the start of production of five platforms in Buzios by 2021, three in 2018, one in 2019 .

In addition, Petrobras is currently bidding to charter the fifth platform for the Búzios field, which will have the capacity to produce 180 million barrels per day and compress 6 million m3 / day of natural gas. The company would receive proposals to bid for the platform tomorrow (12/1), but postponed the competition to February 26. This is the fourth postponement of the bid, which was originally scheduled for November last year.

What is onerous assignment?

The Union ceded to Petrobras the right to engage in exploration and production activities in pre-salt areas that are not under the concession model, limited to a maximum volume of 5 billion barrels of oil and natural gas . The contract is valid for 40 years, renewable for another five years.

The criteria for determining the value of the production rights of the onerous assignment were established through negotiations between the Union and Petrobras, based on technical reports issued by independent certifying entities and by the government in 2010. This agreement is now under review.

And how’s the review going?

The revision of the onerous assignment contract is the main challenge of the Oil and Gas area of ​​the Ministry of Mines and Energy for 2018. The government will create an Interministerial Commission to discuss the revision of the contract. The Commission will have executive secretaries, secretaries-technicians and legal advisors from the Ministry of Mines and Energy, Planning and Finance.

In early November, Petrobras announced that it has created an internal commission that will be responsible for negotiating with the federal government. E & P director Solange Guedes and Finance Director Ivan Monteiro are part of the commission at the state-owned company, as well as the executive directors of Ultra-Deep Waters, Joelson Mendes, and Finance, Bianca Nasser.

Legislative Change

Another front was opened on the onerous assignment with Bill 8939/2017, which frees Petrobras to sell up to 70% of the onerous assignment areas. Under current legislation, the state is required to have 100% of the projects.

The project has been since November 8 in the Committee on Economic Development, Industry, Commerce and Service (CDEICS).

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