ANP to require bidders for 73 mature oil fields owned by Petrobras

Jul 06, 2000 02:00 AM

Brazil's National Petroleum Agency (ANP) will require bidders for some 73 mature oil fields owned by Petrobras to have at least 1 mm Brazilian real in net shareholders equity, ANP President David Zylberstajn said. They will also have to have net shareholders equity equal to one third of the investment or 5 mm real, whichever is less.

The edict for the auctions will be published on July 14, with the auctions to be held by November of this year, said Zylberstajn. Royalties currently charged for production will remain intact at 9 % unless more oil is produced from the mature fields, he said. In such case, royalties will be charged at 5 % on all excess production.
The Brazilian National Economic and Social Development Bank (BNDES) may finance buyers in the auctions, he said. Zylberstajn declined comment on whether the oil field auctions will attract large integrated oil companies who might build thermal co-generation plants on the sites in order to take advantage of the steam for oil production.

Source: Bridge News via Newspage
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