Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) released the Pre-Tender Protocol and a Draft of the Concession Contract of the 4th Bidding Round for Marginal Accumulations (AM4), which will be the subject of a Public Hearing expected to take place on November 21, 2016.

The National Energy Policy Council granted authorization for said Bidding Round to be held through CNPE Resolution No. 04/2016, on September 5, 2016.

The ANP selected ten (10) areas to be put up for auction during this 4th Bidding Round for Marginal Accumulations. The areas included in the Bidding Round have all been selected from mature basins, with the aim of providing opportunities to small and medium-sized companies, in addition to ensuring activities in the relevant regions continue to move forward.

The Pre-Tender Protocol and the Draft of the Concession Contract are both in accordance with the Government’s Investment Partnership Program, with regard to minimum time limits and disclosure of environmental guidelines to the interested parties, and the final versions of these documents is expected to be published in December 2016.

According to the preliminary schedule published by the ANP for this Bidding Round, the public bidding session is scheduled to take place on March 24, 2017, and the execution of the respective Concession Contracts by July 31,2017.

The Draft of the Concession Contract and the Pre-Tender Protocol of the 4th Bidding Round for Marginal Accumulations may be obtained by accessing the Brasil Rounds (ANP) Official webpage (Portuguese only).

As soon as further information about this Bidding Round is provided, it will be divulged through our Legal Updates.

Observations in this update about Brazilian law are by Tauil & Chequer Advogados and are not intended to provide legal advice. Any entity considering the possibility of a transaction must seek advice tailored to its particular circumstances.