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Billion-Dollar Union Auction Attracts Multinationals and Strengthens Budget with Intense Competition for Pre-Salt Barrels.
The federal government raised R$ 28 billion from the sale of oil from the Union in an auction held at B3, the São Paulo Stock Exchange, on the morning of June 26, 2025.
The total exceeded the initial expectation of Pré-Sal Petróleo S.A. (PPSA), responsible for conducting the negotiation, which anticipated R$ 25 billion in revenue by R$ 3 billion.
A total of 74.5 million barrels of oil were auctioned, divided into seven lots located in the pre-salt fields of the Santos Basin, covering the areas of Mero, Búzios, Sépia, and Itapu.
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The operation represents a new record for the PPSA, both in revenue and international participation.
The collected amounts will go directly to the Union’s treasury, with an immediate impact on the federal budget.
According to the PPSA, about R$ 3 billion is expected to be incorporated in 2025, while the rest will be realized in 2026, reinforcing the government’s effort to balance public accounts.
Foreign Companies in the Union Oil Auction
Among the highlights of the auction are the foreign companies that acquired strategic stakes in pre-salt production.
The consortium formed by Galp, from Portugal, and ExxonMobil, from the United States, won a lot in the Mero field, operated by the FPSO Sepetiba, corresponding to 14 million barrels.
Equinor, the Norwegian multinational, won another lot in the same field, linked to the FPSO Duque de Caxias, also with 14 million barrels.
PetroChina, a giant in the energy sector from China, in partnership with Refinaria de Mataripe, controlled by the Arab fund Mubadala Capital, acquired the Itapu lot, with 6.5 million barrels, as well as a part of the Búzios field.
The total participation of the Chinese and Arab consortiums amounted to 10 million barrels.
Petrobras Leads Acquisitions in the Pre-Salt
Petrobras, the Brazilian state oil company, was the largest individual buyer of the round.
The company acquired four of the seven lots available: one in Búzios, one in Sépia, and two in Mero.
In the latter field, the acquired lots are associated with the FPSOs Guanabara, Alexandre de Gusmão, and Pioneiro de Libra.
With these purchases, Petrobras totaled approximately 40 million barrels, ensuring a strong presence in the operation of the blocks auctioned under the sharing regime.
How the Sale of Pre-Salt Oil Worked
The PPSA structured the auction based on the model of discount on dated Brent, the international oil reference.
The discount values offered by companies ranged between US$ 2.73 and US$ 4.13 per barrel, with the most competitive bids reaching US$ 0.65 discount, the lowest recorded in state auctions.
The lots were won through direct bids or live auctions, depending on the proximity between the offered values.
In situations where the difference between proposals fell below US$ 0.45 per barrel, an auction was held, with minimum increments of US$ 0.02.
Ten companies participated in the dispute, including names like Shell, TotalEnergies, CNOOC, and Prio, in addition to the winners.
However, Shell did not submit any proposals.
Record Competition and PPSA Projections
The president of the PPSA, Luiz Fernando Paroli, classified the auction as the most competitive in the company’s history.
According to him, the bidding had the highest number of participants, winners, and significant premiums in the offered values.
The Secretary of Oil, Natural Gas, and Biofuels from the Ministry of Mines and Energy (MME), Pietro Mendes, celebrated the outcome and stated that the government will continue to carry out annual oil auctions from the Union, as a way to strengthen revenues.
The PPSA confirmed that, in 2026, there is a plan to offer 100 million barrels of oil, with an expected revenue of around R$ 37 billion, depending on the exchange rate and the price of Brent at the time.
Strategic Role of the Union Oil Sale
The sale of pre-salt oil has consolidated itself as an important source of extraordinary revenue for the federal government.
In 2024, the PPSA raised R$ 10.3 billion, and in 2023, R$ 6 billion, solely from sales in sharing and onerous assignment contracts.
Created in 2013, the PPSA does not directly explore oil but manages and markets the share of production that belongs to the Union in the pre-salt fields under a sharing regime.
The MME had already indicated, at the beginning of June 2025, an interest in increasing revenue from the oil and gas sector, with estimates to add R$ 35 billion by 2027, including new auctions and regulatory adjustments.
Perspectives for Brazilian Oil
The PPSA’s goal is to reach an average of 500 thousand barrels per day sold by 2030, which would position the state-owned company as the second-largest seller of oil in the country, behind only Petrobras.
The evolution of the Union oil auctions remains one of the main strategies to increase the fiscal predictability of Brazil, although it depends on variables such as international oil prices, exchange rates, and regulatory stability.
How can the expansion of pre-salt auctions impact the balance between revenue and sustainable management of the country’s natural resources?
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