Website Cookies

We use cookies to make your experience better. Learn more on how here

Accept

Petrobras, CNOOC and Petrochina major winners in Brazil’s oil auction

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

General News

CNPE will discuss Brazil’s entry into OPEC+ this month, says Silveira to CNN.

CNN – 05/02/2025 16:24 Minister of Mines and Energy highlights geopolitical importance and supports accession. The Minister of Mines and Energy, Alexandre Silveira, announced that Brazil is set to join OPEC+, a group of oil-producing countries. The statement was made during an interview with CNN this Wednesday (5th), in which Silveira highlighted the geopolitical importance...
READ POST
General News

Petrobras meets target, but production declines in 2024

Oil and gas output falls 3.1% for the year, despite pre-salt records By Kariny Leal and Rafael Rosas — Rio de Janeiro 02/04/2025 10:02 AM Petrobras achieved its oil and gas production targets for 2024, but that didn’t prevent the company from posting annual and quarterly declines in output. According to the state-run oil giant’s production and sales report...
READ POST
General News

The Transition of Tax Reform Will Require Adaptation from the Oil Sector

Danilo Oliveira – 27/01/2025 – 19:49 The recent sanctioning of the regulation of the Tax Reform (LC 214/2025) may bring different impacts on the prices of products and/or services of companies in the oil and gas sector. A large portion of the players are service providers contracted by operators for activities such as seismic surveys,...
READ POST

Address: Rua Visconde de Inhaúma, 37 – sala 801
Centro – 20091-007 –Rio de Janeiro, RJ – Brasil

Email: info@br8shipping.com

Copyright © 2024 BR8

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply

Web Design by Yellowball

Select your language