Galp buys a cargo of 500,000 barrels of oil from the Union, product of production sharing contract for the Atapu field

(epbr) Galp buys a cargo of 500,000 barrels of Union oil, originating from the production sharing contract for the Atapu field, in the pre-salt layer. Pre-Sal Petróleo S.A. (PPSA) reported that the sale should generate revenues of BRL 210 million for the National Treasury when the shipment is available in two months.

The Portuguese oil company offered the highest price, based on the Reference Price established by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Payment is made based on the reference price of the month in which the cargo is delivered to the buyer.

In all, ten companies that already operate in the pre-salt layer were invited to participate in the auction. Four of them were qualified and sent proposals.

In August 2022, Galp had already won the auction for the sale of the first oil load in Sépia, also worth 500,000 barrels.

Sharing resources under discussion with Lula

In a note, the Minister of Mines and Energy, Alexandre Silveira, said that he will discuss with President Lula alternatives for better allocation of resources from the sharing regime contracts.

“These large-scale resources are strategic for Brazil. We really need to carry out a better sharing of this wealth, both for present and future generations, generating opportunities and improving the quality of life of Brazilians and Brazilians”, he said.

In 2022, the Union raised BRL 4.71 billion from the sale of its share of oil and natural gas in production sharing contracts. It is a record level, four times higher than that recorded in 2021 (R$ 1.22 billion). The result reflects the increase in production in sharing contracts and the situation in the international oil price market.

And the expectation is for more records. PPSA estimates that the sharing portion destined to the Union will jump from 40 thousand barrels/day in 2022 to 450 thousand barrels/day in five years and around 900 thousand barrels/day in ten years.

PPSA estimates investments of US$ 122 billion in 24 FPSOs in the sharing fields.

The state-owned company plans to hold a new large-scale auction in 2024, for the sale of future Union cargo.

PPSA projects that the current production-sharing contracts will contribute US$ 344 billion to public coffers over the next ten years, US$ 157 billion from the sale of Union oil. The rest will come from the payment of royalties and taxes collected by the producing companies.

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