Brazil had previously tried to auction off those fields in late 2019, during an even larger oil auction. But only two of four fields received a bid, due largely to the high minimum bids required and serious legal complexities surrounding the assets.
Since then, authorities have reduced the cost of the remaining fields and attempted to lower some of the legal hurdles facing a potential buyer.
In April, Brazil laid out the terms of the second “transfer of rights surplus” auction, as it is known. The government said the Sepia sale will require a signing bonus of $1.25 billion and a rate of oil profit of 15.02 per cent.
Atapu will require a subscription bonus of $700 million, and an oil-profit rate of 5.89 per cent. Oil profit refers to the proportion of oil produced that must be handed over to Brazilian authorities. (Reporting by Gram Slattery; editing by Jonathan Oatis)