Brazil’s largest pre-salt auction awards 7 of 13 blocks
Brazil’s largest auction of oil and gas exploration and production blocks in the so-called Pre-Salt Polygon ended with seven of the 13 blocks awarded. The 4th Cycle of the Permanent Production-Sharing Offer was held on Wednesday morning (Oct. 7). The auction, organized by Brazil’s national oil authority ANP at its headquarters in downtown Rio, brought in BRL 530 million in signing bonuses for the…
In Brazil's largest pre-salt oil and gas auction, held on October 7, seven out of thirteen exploration blocks were awarded. The auction generated BRL 530 million in signing bonuses for the government. The 4th Cycle of the Permanent Production-Sharing Offer, organized by the national oil authority ANP in Rio de Janeiro, fetched a total of BRL 1.24 billion had all blocks been awarded.
This was the most blocks awarded in a pre-salt auction, surpassing the previous 3rd Cycle by 58 percent, expanding the exploration area to 39,200 km². Only six companies submitted bids, with four being foreign, resulting in no competition for all awarded blocks. Petrobras and Prio each secured two blocks, while Norway’s Equinor and Chinese firms CNOOC and Sinopec also took home two blocks each.
The remaining five blocks, located in the Campos Basin, were not awarded and will be carried over to the next bidding round. Companies must now meet minimum investment requirements totaling BRL 778.4 million to secure their blocks.
Written by urgent.news from Agencia Brasil's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
