Overview of PSCs Baker McKenzie IBP.Final.pdf

Sole paragraph petrobras may only assign

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Sole Paragraph. PETROBRAS may only assign participation in the production sharing contracts it gets as the winning bidder, under the terms of art. 14. Brazilian Model PSC Continued
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114 Art. 32. The production sharing contract shall be terminated in the following events: I – by maturity of its term; II – by agreement between the parties; III – by the termination reasons set forth therein; IV – at the end of the exploration stage, without any commercial discovery , as defined in the contract; V – by the exercise of the waiver right by contractor at the exploration stage , provided that fulfillment of the minimum exploratory program or the payment of the amount corresponding to the non-complied portion, as set forth in the contract; and VI – by the refusal to execute the production unitization agreement , upon decision of ANP. Brazilian Model PSC Continued
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115 Paragraph 1 The return of areas shall not imply an obligation of any nature to the Federal Government, neither shall it provide the contractor with any indemnification rights for services and assets. Paragraph 2 Upon termination of the production sharing contract, the contractor shall remove the equipment and assets that are not subject to reversal, and it shall be obliged to repair or indemnify the damages arising from its activities and perform the environmental recovery acts determined by the applicable authorities. Brazilian Model PSC Continued
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116 Thank you! Questions?
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  • Winter '14
  • Bijay K Behra
  • contractor, Petroleum industry

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