Demarest advises QPI Brasil Petróleo on oil block win
Demarest advised QPI Brasil Petróleo on its successful bid for the Titã oil block, which it was awarded as part of a consortium with Exxonmobil Brasil in the country’s latest pre-salt production sharing auction.
QPI has a 36 per cent stake in the consortium, and whose bid totalled 3.12 billion reais ($771 million), with a percentage of surplus in oil of 23.49 per cent.
Demarest’s lawyers that acted as counsel to the oil company are lead partner João Almeida, senior associate Roberta Batalha and associates Priscila Park and Lívia Leal.
All four blocks put up for grabs in the September 29 auction were awarded, and from which the Brazilian government raised 6.82 billion reais (US$1.7bn). Production from the four blocks will generate 240 billion reais in profit oil for the government during the concession period, according to hydrocarbons regulator ANP.
The other winning bidders were two consortia, Shell-Chevron, and BP, CNOOC and Ecopetrol, while state oil company Petrobras was the sole bidder for the Sudoeste de Tartarug Verde block.
The round marked the last oil and gas tender under President Michel Temer’s administration. The country will hold presidential elections on 7 October, with a run-off vote between the two leading candidates on 28 October if no candidate receives more than 50 per cent of the vote in the first round.
