Permanent Offering: A New Way of Accessing Brazilian Petroleum Resources
Article from: OGEL 3 (2022), in Contract Management, International Petroleum Contracts
Abstract
In order to improve the attraction of petroleum exploration and production investments, Brazil is reviewing their resource allocation systems to increase their attractiveness to private investments. This paper aims at analyzing the Permanent Offering, an open resource allocation system (or simply Open Acreage), recently adopted by the country to award acreages for the concession of upstream activities. The analysis focuses on a comparison among the main contractual features of both the new system and the regular bidding rounds promoted by the Brazilian regulation authority, the ...