Brazil’s ToR bid round set for October

Brazil

RIO DE JANEIRO, March 1, 2019 – Brazil’s National Council for Energy Policy has announced that the long-awaited transfer of rights (ToR) tender will take place on October 28, international media reported Thursday.

The round will offer PSAs for the Atapu, Búzios, Itapu and Sepia pre-salt blocks, all of which belong to NOC Petrobras under the ToR scheme.

“The completion of this auction in 2019 is an extraordinary window of opportunity that cannot be missed,” Brazil’s Ministry of Mines and Energy said in a statement cited by Argus Media.

Petrobras had been seeking to auction off up to 70% stakes in the blocks; however, the NOC was unable to move forward until it reached an agreement with the government regarding the value of the acreage. Petrobras paid the government USD 42.5 billion in 2010 to explore and produce an estimated 5 billion boe, but the acreage is now thought to hold up to 17 billion boe.