On March 11, 2013, Brazil's oil and gas regulatory authority, ANP, made available on its website the final Tender Protocol and the final version of the Concession Agreement for ANP Round 11, reflecting certain changes requested by the industry during public consultations and other clarifications.
Below are the next steps for ANP Round 11, which have now been ratified by the Final Tender Protocol:
Final Tender Protocol and Concession Agreement
Technical and Environmental Seminar
Legal and Fiscal Seminar
Deadline for submission of Expression of Interest and Qualification documents
Deadline for payment of Participation Fees
Deadline for presentation of bid guarantees
5/14 and 5/15/2013
Signature of the Concession Agreement
Among the amendments introduced by ANP to the Tender Protocol, we believe that the following are worthy of special attention:
Inclusion of 117 Blocks - Following approval by the Brazilian Energy Policy Council ("CNPE") on February 28, 2013, ANP included in the Tender Protocol 117 additional blocks located in the Espírito Santo (deep water), Pernambuco-Paraíba (deep water), Tucano Sul (onshore), and Foz do Amazonas (shallow and deep water) basins. Qualification documents may be submitted after "Expression of Interest" - ANP clarified that it is not necessary to submit all qualification documents in order to have access to the data package and evaluate the opportunities. The deadline for submitting required qualification documents and the Expression of Interest is March 26, 2013. Exchange rate and restatement index for investments in US$ to be evidenced in the technical qualification - Amounts in U.S. dollars invested in exploration activities in the past five (5) years to be communicated for purposes of technical qualification must be converted at the average exchange rate of the year that the investments were made (the "Ptax-sale" rate). All investments must be restated by the IGPM index that accrued through January 2013. Operator "A" with a 5-year minimum experience as operator - Companies willing to qualify as operator "A" can inform activities as operators that occurred in the past five (5) years. Corporate structure signed by the Accredited Representative - The description of the corporate structure must be signed by the company's Accredited Representative and must detail all direct and indirect control...