Companies Will Compete for 37.5 Million Barrels of Oil from Brazil That Could Yield 15 Billion for the Government; Petrobras, Prio, and Even a Company from China Are in the Running

Written by Alisson Ficher

Published on 30/07/2024 at 12:00

Updated on 30/07/2024 at 12:09

Plataforma de petróleo. (Imagem: Stéferson Faria / Agência Petrobras)

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Brazil Prepares for Historic Auction of 37.5 Million Barrels of Oil. With Giants Like Petrobras and ExxonMobil, the Competition Promises to Raise up to R$ 15 Billion.

In an event that promises to shake up the energy market in Brazil, ten giants in the oil and gas sector are preparing for a fierce battle on the São Paulo Stock Exchange, B3, this Wednesday (31).

What’s at stake? Nothing less than 37.5 million barrels of oil belonging to the Union, an amount that could transform the country’s economy and fill the coffers of the National Treasury. But what makes this auction so special? Keep reading to discover the explosive details and how this could impact the future of Brazilian oil.

According to Agência Brasil, the companies qualified to participate in this historic auction are Petrobras, Refinaria de Mataripe, CNOOC Petroleum Brasil, ExxonMobil Exploração Brasil, Equinor Brasil Energia, Galp Energia Brasil, PetroChina International Brazil Trading, PRIO Comercializadora, Shell Trading Brasil e TotalEnergies EP Brasil.

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These companies will compete to purchase 37.5 million barrels of oil divided into three lots from the Mero field and one lot from the Búzios field, both located in the pre-salt layer of the Santos Basin.

The Auction

The Mero field, considered the third largest oil field in Brazil by volume, will be one of the main focal points, along with the Búzios field.

According to Agência Brasil, the minimum price limit for the Mero lots will be equivalent to the price of Brent oil minus US$ 4.40, while for the Búzios lot, the price will be Brent minus US$ 4.25.

The total revenue from the sale could reach the impressive mark of R$ 15 billion, an amount that should be allocated to the Social Fund.

Rules of the Competition

The auction will be divided into two phases. If the values of the initial bids are very close, there will be a second phase in a verbal format, where companies can offer values below the stipulated minimum price limit.

At the opening of the international market this Monday (29), the price of Brent oil was quoted around US$ 80, a value that will serve as a reference for the auction.

Transformation of Oil

One barrel of oil, which contains 159 liters, can be refined to produce approximately 40% diesel oil and 18% gasoline.

In addition, it also generates lubricants, jet fuel, and asphalt. The term “Brent” for crude or heavy oil refers to a Shell base in the Shetland Islands, north of Scotland, where the oil was originally extracted.

Exploration Regimes

In Brazil, there are three main regimes for the exploration and production of oil and natural gas: concession, onerous assignment, and production sharing.

In the concession regime, the oil and gas produced belong entirely to the winner of the concession, with the State collecting revenue through taxes.

In the onerous assignment, Petrobras has the right to extract up to five billion barrels in areas of the pre-salt, according to Law No. 12.276/2010.

In the production-sharing regime, the State participates without investing or taking risks, receiving a percentage of the excess production.

The Brazilian Pre-Salt

The pre-salt polygon, located 300 km off the coast of the Santos Basin, is a region rich in light oil, with reserves at depths of up to 7 thousand meters.

This region is known for its giant and supergiant discoveries, offering unparalleled potential in the global oil scenario.

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Companies Will Compete for 37.5 Million Barrels of Oil from Brazil That Could Yield 15 Billion for the Government; Petrobras, Prio, and Even a Company from China Are in the Running

Brazil Prepares for Historic Auction of 37.5 Million Barrels of Oil. With Giants Like Petrobras and ExxonMobil, the Competition Promises to Raise up to R$ 15 Billion.

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

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Companies Will Compete for 37.5 Million Barrels of Oil from Brazil That Could Yield 15 Billion for the Government; Petrobras, Prio, and Even a Company from China Are in the Running

Brazil Prepares for Historic Auction of 37.5 Million Barrels of Oil. With Giants Like Petrobras and ExxonMobil, the Competition Promises to Raise up to R$ 15 Billion.

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

The Auction

Transformation of Oil

Exploration Regimes

The Brazilian Pre-Salt

Archaeologists find in Mexico a sacrifice altar over 1,000 years old, surrounded by skulls, human bones, and signs of rituals from the Toltec Empire.

Diagnostic test

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state wants to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

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