Government postpones TOR auction of Sepia and Atapu to 3rd quarter of 2021

Jun 10, 2020

The Ministry of Mines and Energy presented the schedule for the auction of Sepia and Atapu, remaining from the Transfer of Rights. The federal government expects the announcement to be published in the second quarter of next year, followed by the auction in the third quarter of 2021.

Earlier this month, Minister Bento Albuquerque had confirmed the event for June 2021, during the participation in a conference promoted by XP Investimentos.

“It is a very important issue, especially now that we are discussing the economic recovery of the post-pandemic country. I think the Sepia and Atapu auction has all the conditions to be successful, ”said the minister.

The auction of the surplus of the Transfer of Rights in 2019 contracted the volumes of two of the four fields offered. Búzios was 90% acquired by Petrobras, in partnership with Chinese state-owned companies that took over the remaining 10%, and Itapu was 100% acquired by the Brazilian oil company, which operates the original assignment contracts, as well as with 100% of the areas.

With no offers for Sépia and Atapu, the auction was considered a failure by government sectors, notably by Minister Paulo Guedes, a critic of the production sharing model. Petrobras did not exercise its preemptive right for the excess volumes of these two fields, but the complexity of the auction was pointed out as one of the reasons for the disinterest of international oil companies.

“The 17 world giants did not come. Petrobras took no goodwill. What does that mean? That we know how to appropriate our resources or that we do not understand the main message so far, which is the following: you are very complicated, very difficult to invest ”, said Minister Paulo Guedes, at the time.

Source: epbr

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