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Brazil's auction of pre-salt oil exploration blocks gets $1.9 billion

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Staff Writer | October 28, 2017
Brazil oil production
Oil exploration   National Petroleum Agency:

An auction held Friday for the exploration of several areas of pre-salt oil reserves got a total of 6.15 billion reals, or about $1.9 billion, said Brazil's National Petroleum Agency (ANP).

The Brazilian government had a total of eight blocks for auction, but only six had offers.

The auction was carried out by the ANP in a new model for oil exploration in Brazil, with the participation of Brazil's state-run oil and gas giant Petrobras as the operator of the pre-salt blocks being no longer mandatory, allowing a more active participation of foreign companies.

During Friday's auction, Petrobras led the consortiums winning the exploration rights for the three blocks of Sapinhoa, Peroba and Alto de Cabo Frio Central.

Chinese companies Sinopec, CNOOC and CNODC participated in the consortiums winning the above three blocks.

Winning consortiums in the auction also include the companies of Shell, Total, Statoil, Exxon Mobil, Petrogal and QPI.

Brazil's Mines and Energy Minister Fernando Coelho Filho hailed the auction results, saying they were above expectations, and showed that investors were attracted.


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