On September 11, 2020, Brazil's National Agency of Petroleum, Natural Gas and Biofuels ("ANP") published in the Official Gazette the schedule for the 2nd Cycle of the Permanent Offer, initiated upon approval of a declaration of interest, accompanied by a bid guarantee, submitted by a company already enrolled in the Permanente Offer proceeding.

As detailed in our previous legal update on the subject, the cycles of the Permanent Offer are related to public sessions for presentation of offers for one or more sectors that have received a declaration of interest.

Companies not yet enrolled in the Permanent Offer must submit the registration documents by September 21, 2020. Bidders already enrolled and interested in participating in the 2nd Cycle have until October 13, 2020 to present a declaration of interest, which must be accompanied by a bid guarantee. Below you will find the schedule:

Commencement of the 2nd Cycle of the Permanent Offer

September 11, 2020

Deadline to fill out the registration form, submit registration documents and pay the participation fee

September 21, 2020

Deadline for registered bidders to present new declarations of interest accompanied by bid guarantees

October 13, 2020

Disclosure of sectors offered in the 2nd Cycle of the Permanent Offer

November 03, 2020

Deadline for presentation of additional bid guarantees for sectors offered in the 2nd Cycle of the Permanent Offer

November 16, 2020

Public session for the presentation of offers

December 03, 2020

Deadline for winning bidders to submit qualification documents

By January 04, 2021

Award process and ratification of the bids

By March 26, 2021

Deadline to submit the following documents related to: (i) signing of the concession contracts; and (ii) qualification of the affiliate appointed for the signing of the contract, if applicable

By May 24, 2021

Deadline to pay the signing bonus and submit evidence of payment

By May 24, 2021

Signing of the concession contracts

By June 30, 2021

 

It should be noted that the Special Bidding Committee - CEL may modify or suspend the schedule of the cycles, giving the necessary publicity and preserving the deadlines and bidder's rights. In view of the emergency public health situation caused by COVID-19, the maximum term of 90 days to hold the public session for presentation of offers may be extended.

Visit us at Tauil & Chequer

Founded in 2001, Tauil & Chequer Advogados is a full service law firm with approximately 90 lawyers and offices in Rio de Janeiro, São Paulo and Vitória. T&C represents local and international businesses on their domestic and cross-border activities and offers clients the full range of legal services including: corporate and M&A; debt and equity capital markets; banking and finance; employment and benefits; environmental; intellectual property; litigation and dispute resolution; restructuring, bankruptcy and insolvency; tax; and real estate. The firm has a particularly strong and longstanding presence in the energy, oil and gas and infrastructure industries as well as with pension and investment funds. In December 2009, T&C entered into an agreement to operate in association with Mayer Brown LLP and become "Tauil & Chequer Advogados in association with Mayer Brown LLP."

© Copyright 2020. Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. All rights reserved.

This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.