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Brazil expects $1.41 billion from oil and gas bids

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Staff Writer | January 13, 2017
Fernando Coelho Filho
Oil exploration   The minister of Mines and Energy:

The minister of Mines and Energy, Fernando Coelho Filho, said that Brazil is expecting to earn between $1.10 billion to $1.41 billion from the oil and gas exploration biddin rounds.

This is expected from the 14th bidding rounds of oil and natural gas blocks and the second bidding rounds in the pre-salt blocks, under the production sharing agreement.

“For this year, three rounds were announced: the onshore round, the second round of the pre-salt, and the post-salt round,” said the minister.

“This estimate is for the minimum granting, since someone could offer more,” he added. He believes the announcements to be published in the Official Federal Gazette until the end of this month.

Filho said that the government is working for the licensing rounds of the onshore areas to occur in May and for the second round of the pre-salt to take place in the first six months of 2017.

The post-salt areas should be up for the bidding rounds in September.

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