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Brazil Achieved In 2024 A Historical Record In The Number Of Exploratory Oil And Gas Blocks Under Contract, According To Anp. Know The Numbers, The Most Disputed Basins, The Leading Companies And The Expected Investments.
The oil and gas sector in Brazil experienced a milestone in 2024. According to a report released by the National Agency of Petroleum and Gas (ANP), the country reached the highest number of exploratory blocks under contract since the agency’s creation. There were 420 contracted blocks, a direct result of a busy year in auctions and negotiations.
This advancement was made possible thanks to the performance of the 4th Cycle of the Permanent Offering of Concession, which alone secured the signing of 181 new contracts, and also to the 2nd Cycle of the Permanent Offering of Production Sharing, responsible for one more contract. In total, 182 new contracts were signed in 2024 alone, easily surpassing the old record of 2018, when the number did not exceed 67.
How Exploratory Block Contracts Work
Exploration contracts for oil and gas in Brazil are divided into two phases: exploration and production. In the first phase, companies conduct technical studies in the acquired areas to identify whether there are oil or natural gas reservoirs.
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If there are no discoveries, the company can return the area to the ANP, which may offer it again in the future. However, if reserves are identified, companies assess whether it is commercially viable to explore. Between 2016 and 2024, 54 Commerciality Declarations have already been registered, at which point the company confirms to the ANP the feasibility of starting production.
Onshore And Offshore Blocks: Numbers And Highlights
Of the total number of exploratory blocks contracted in 2024, 278 were located onshore, while 142 were offshore. Despite the smaller number, offshore blocks accounted for 60% of the total contracted area, equivalent to about 107 thousand km². This is explained by the larger average size of offshore blocks.
Among the main maritime basins, the following stood out:
- Pelotas Basin, with 44 contracted blocks;
- Santos Basin, with 32 blocks, being the one with the largest contracted area in the offshore environment.
Onshore, the highlight was the Potiguar Basin, responsible for 151 blocks, of which 104 were signed in 2024 alone. Other notable basins included those in the Recôncavo da Bahia, Sergipe-Alagoas, and Espírito Santo.
Companies Leading Exploration In Brazil
In the offshore environment, Petrobras continues to lead with 61 operational blocks, followed by Shell, which controls 23, and Chevron, with 15. In the onshore scenario, the front-runner is Elysian Petroleum, with 122 blocks under contract. The list also includes Petro-Victory with 34 contracts and Imetame, which holds 23 blocks.
According to the ANP, 92% of the blocks were active in 2024. The others faced obstacles, primarily related to environmental licensing. The Equatorial Margin region was the most impacted by these delays.
Investment Outlook For The Coming Years
The ANP report indicates that investments in the exploration phase are expected to reach US$ 2.33 billion between 2025 and 2028. In 2025 alone, an investment of US$ 1.55 billion is projected, which represents about 67% of the estimated total.
The majority of this amount will be allocated to offshore blocks, which are expected to receive 94% of the investments, approximately US$ 2.20 billion. The onshore blocks, in turn, will have a smaller volume, estimated at US$ 130 million, equivalent to 6%.
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