3R CONSULTATION ON ANALYSIS OF FUTURE DEVELOPMENT PLANS BY ANP

(PetroleoHoje) 3R Petroleum must submit new development plans (PDs) to reduce royalties and/or extend contracts for newly acquired fields within one year after approval of the Annual Work Programs (PAT), Annual Production Programs (PAD) and Annual Reserve Bulletins (BAR) by the ANP. In an official letter to the agency, the company proposed the presentation of the PAT/PAD and BAR with its vision of operator and requested that these documents not be compared to future PDs.

With a portfolio made up of assets acquired from Petrobras’ divestment program, the oil company stated that it has a different vision from Petrobras in relation to production planning for the next five years and the reserves of the newly acquired fields. According to the operator, the PAT/PAP and BAR elaborated according to its vision will bring “more clarity and show[s] the intended benefits with the disinvestment of mature fields, since reserves and investments will have a significant increase with the new operation”.

However, according to 3R, if the documents presented with its vision are compared to the development plans to be submitted, “these DPs would not represent substantial improvements in relation to the information provided”. The plans then could not be used to request extension of concession contracts and reduction of royalties, argued 3R.

According to the company, raising funds in the capital market for the execution of the PDs “also depends on the approval by the ANP of the investments proposed by 3R” in the PAT/PAD and BAR.

3R Petroleum has a 100% interest in the Macau cluster, located in the Potiguar Basin, and in the Rio Ventura cluster, in the Recôncavo Basin. In the Pescada and Arabaiana cluster, also in Potiguar, the company has a 35% stake.

The oil company is awaiting the completion of the acquisition of the remaining 65% in Pescada and Arabaiana, as well as 100% of the Fazenda Belém and Recôncavo clusters, 70% of the Peroá cluster and 43.75% of the Papa-Terra cluster.

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