PPSA to contract an oil trading agent for the Tupi Individualized Area

( TNPetroleo) Pre-Sal Petróleo (PPSA) is holding an international bidding this Wednesday, the 28th, at 10 am, for the contracting of a trading agent for the Union share of oil from the Individualized Area of ​​Tupi. The contract will run for five years and is expected to sell 4 million barrels of oil at an estimated value of US $ 218 million.

Due to the restrictions imposed by the pandemic, the public bidding session will be virtual, broadcast on PPSA’s YouTube channel with open participation to bidders and the general public.

Located in the Santos Basin, Tupi is the main oil and natural gas producing field in the pre-salt reservoirs, being operated by Petrobras (65%), with partners Shell (25%) and Petrogal (10%). As the field reserves extend to a non-contracted area, in April 2019 a Production Individualization Agreement (AIP) was signed, which granted the Union a 0.551% stake in the shared deposit.

The Tupi commercializing agent will be responsible for the entire commercialization process, including the identification of the buyer, loading from the FPSO, transportation to the transhipment point or cabotage delivery, eventual transportation long-haul and insurance contracting, independent inspection and oil price hedge operation.

The bidding process is open to national and foreign companies, individually or in a consortium, as long as it is led by a national oil producer and exporter, and active in the pre-salt. The consortium is limited to three participants, and a trading company from the same economic group as the leading company and a logistics company may be part of it.

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