The clock is ticking for the interested parties to submit their bids to acquire Petrobras’ production platform – the P 27.

To remind, Petrobras in April launched a tender notice inviting bids for the unit, with a deadline for sealed bids set at July 19, 18:00 o’clock Rio de Janeiro time.

The Brazilian oil company Petrobras said that the value assigned for the minimum initial bid is one million U.S. dollars, a value established only to enable the operation of the auction. The company said the amount was not in relation to the minimum valuation price of the Marsha Islands-flagged unit.

A week following the submissions of the bids, on July 26, a public hearing will occur, with the opening of envelopes containing the qualifying documents and disclosure of companies qualified for the bid; and opening the envelopes containing the proposals.

Following the opening of the envelopes, and disclosure of proposals, the bidders will be able to make new proposals, with values higher than those presented by the winning bidder.

The platform the auction will be held over – the P 27 – used to produce oil at the Voador field in the Campos basin, offshore Brazil. The unit has been retired since December 2013.