Today (18), Pré-Sal Petróleo (PPSA) starts a public consultation, for 30 days, on the international bidding notice (LI. PPSA.001 / 2020) for the hiring of a commercial agent for the production of Union oil in the Tupi Individualized Area.

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 production progressed 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. According to initial estimates, such participation will be equivalent to approximately 3.5 million barrels of oil in five years, with an estimated value of US $ 140.5 million.

This is a pioneering bid in Brazil, for which PPSA developed a new business model with the objective of hiring a trading agent, an alternative provided for by law. For this contract, the Tupi commercial agent will be responsible, for a period of five years, for the entire commercialization process, including the identification of the buyer, the loading in the FPSO (floating production, storage and transfer unit), the transport to the transhipment or cabotage delivery point, the eventual long-haul transportation and the contracting of insurance, independent inspection and oil price protection operation (hedge).

The bidding provides for individual participation or in a consortium, which may be composed of foreign companies, but led by a national oil producer and exporter and already active in the pre-salt. The consortium is limited to three participants. The other members can be a trading company from the same economic group as the leading company and a logistics company.

The production of Campo de Tupi is carried out through seven FPSOs. To date, the Union's share is approximately 2,800 barrels of oil per day. Under the contract, the agent must schedule minimum loads of 500 thousand barrels in each of the seven FPSOs. The initial estimate is that the first charges will be formed in 2023 and the last in 2026.

After the end of the public consultation, PPSA will analyze the comments received and publish the final notice.

The Bidding will be governed by the Public Notice and by Law No. 13,303, of 7/1/2016.

The pre-public notice will be available for consultation at the electronic address: click here!