A performance guarantee is a document by which a legal entity, whether a parent company (direct or indirect) or a head office, fully guarantees the contractual obligations undertaken by a signatory company that is part of its corporate group.
A performance guarantee will be required from the bidder or assignee, acting exclusively as operator, where it has not demonstrated its own experience in oil and natural gas exploration and production activities, but is technically qualified on the basis of the experience of its corporate group. The performance guarantee must be submitted in the form set out in the tender protocol and must be accompanied by:
(i) corporate documents of the company providing the guarantee; and (ii) an organizational chart setting out the relationship between the legal entity providing the guarantee and the E&P agreement signatory.