The Ministry of Mines and Energy (MME) published on Wednesday (3/3) Ordinance No. 493 / GM / MME, of February 26, 2021, which promotes changes to Ordinance No. 23 / GM / MME, of 27 January 2020, which provides for the qualification of Pré-Sal Petróleo SA (PPSA) as a representative of the Federal Government to evaluate the volumes surplus to those contracted for onerous assignment in the areas of Atapu and Sépia.

The new wording determines that PPSA should represent the Union in negotiations with Petrobras on the parameters for calculating the compensation and authorizes the parties (PPSA and Petrobras) to sign an agreement, to be submitted to the MME for deliberation, containing these parameters and the amount of compensation itself. Ordinance No. 23 / GM / MME / 2020 provided, in its original wording, that the agreement between PPSA and Petrobras would be restricted to the participation of the Union and the transferee in the areas of Atapu and Sépia, a result already approved by the National Oil, Gas Agency Natural and Biofuels (ANP) on December 17, 2020.

The review decree also establishes a Proposal Committee, composed of members from MME, PPSA and the Energy Research Company (EPE), with the objective of establishing PPSA technical, economic and legal guidelines for negotiating the parameters for calculating compensation with Petrobras and the calculation of the compensation value, considering the current market conditions.

Other innovations concern a greater detail on the procedures to be adopted for the purpose of calculating compensation to Petrobras. It also deals with the recognition of the amount of compensation as a cost in oil regardless of the payment method adjusted between the assignee and the future contracted under production sharing regime, on the date of transfer of the assets and on the value of the gross up applicable to the operation.

These measures will provide for the structuring of the bidding of the volumes exceeding the onerous lease agreement for the areas of Sepia and Atapu on predictable and secure bases, allowing the event to be held at the end of 2021. This is another fundamental step for the success of the auction.