ExxonMobil, China’s CNOOC Petroleum and Petrochina, Norway’s Equinor, Portugal’s Galp and France’s TotalEnergies, among others, are on the list.
Reuters, Updated on July 19, 2024.
Rio de Janeiro: Brazilian state-run firm Pre-Sal Petroleo (PPSA), which represents the government in pre-salt oil production sharing contracts, said that 10 firms will participate in an upcoming oil auction, increasing estimates for the revenue it will generate.
The new forecast of 15 billion reais ($2.71 billion) is about 2 billion reais higher than the previous one, the firm said, adding that the number of participants in the auction—expected to take place on July 31—is a record.
PPSA now expects to auction 37.5 million barrels of oil, compared to 33 million previously, it said in a statement on Wednesday.
The list of companies qualified for the event includes Brazil’s state-run Petrobras and Shell, the country’s two largest oil producers. ExxonMobil, China’s CNOOC Petroleum and PetroChina, Norway’s Equinor, Portugal’s Galp, and France’s TotalEnergies, among others, are also on the list.
The record number of participants indicates greater market interest in the lots, increasing the expectation of competition, said PPSA’s interim head, Tabita Loureiro.
Until now, the largest number of companies qualified for an oil auction had been registered in a 2021, when six companies sent documentation and three submitted bids.
Source: Energyworld.com/BR8
