Brazil's FINEP extended the deadline for submitting proposals for the Inova Petro program. This is the second tender protocol of the BRL 3 billion (US$1.33 billion) program. The proposals need to be submitted by 24 April 2014.
The aim of the program is to foment projects on R&D, engineering, technology transfer, production and commerce of innovative products, processes and services, therewith developing the capacity of Brazilian oil & gas industry and the entire supply chain. Petrobras will be responsible for the technical support, aiming to reduce development risks. The program is expected to contribute increasing local content in projects and developing the competitiveness and sustainability of the national supply chain.
The program will select companies under four categories: Surface Processing, Submarine Installations, Wells, and Reservoirs. The projects must be worth at least BRL 5 million (US$2.21 million) and the timeframe shall be no longer than 60 months.
Brazilian subsidiaries of foreign companies are able to participate if they prove to have had either a gross turnover equal to or over BRL 16 million, or net equity equal to or over BRL 4 million, in the last fiscal year.
The Inova Petro program is a joint initiative between Brazil's national development bank, BNDES, state oil company Petrobras, and the Brazilian federal government's technology agency, FINEP, which is under the Ministry of Science and Technology.
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