The state-controlled oil giant Petrobras successfully bid for a total of 14.5 million barrels (mbbl).
Offshore Technology – August 1, 2024
Petrobras, China National Offshore Oil Corporation (CNOOC) and Petrochina emerged as the major winners in the latest oil auction conducted by Brazil’s Pre-Sal Petroleo (PPSA), with expectations of substantial revenue generation, reported Reuters.
The state-controlled oil giant Petrobras successfully bid for a total of 14.5mbbl, securing 12mbbl from the Mero field and an additional 2.5 million from the Buzios field.
Chinese oil companies CNOOC and Petrochina also secured large volumes, with CNOOC obtaining 12mbbl and Petrochina 11mbbl, both from the Mero field.
Under the Brazilian legal framework, oil producers operating under sharing contracts in the pre-salt oil fields are obligated to allocate a share of their output to the government.
PPSA, the state-run entity, is tasked with the commercialisation of this oil.
PPSA’s interim president, Tabita Loureiro, anticipates that the auction will generate revenue of around 17bn reais ($3.01bn), surpassing the initial estimates of 15bn reais.
Loureiro expressed confidence in the auction’s capacity to deliver “extraordinary results” for the Brazilian economy.
Source: Offshore Technology / BR8
