PPSA Announces New Federal Oil Auction With 106.5 Million Barrels, Involving Pre-Salt Fields and Expectations of Billion-Dollar Revenues in 2026.
Pré-Sal Petróleo S.A. (PPSA) confirmed that it will put on the market 106.5 million barrels of federal oil in a new auction scheduled for July 29, 2026. The auction will be held at B3, in São Paulo, and will mark the sixth auction of oil loads conducted by the state-owned company.
The announcement was made by the Superintendent of Oil Marketing at PPSA, Guilherme França, during the PPSA Technical Forum 2025, an event taking place in Rio de Janeiro. The initiative reinforces the role of the state-owned company in managing and marketing oil from the pre-salt sharing contracts.
Pre-Salt Fields Concentrate the Majority of Oil Offered
According to PPSA, the oil offered in the auction will originate from six strategic fields, all located in areas of significant energy relevance. The largest volume will come from the Mero field, with 64 million barrels, followed by Búzios, which will account for 21.5 million barrels.
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Additionally, the Bacalhau field will have 13 million barrels available. The Itapu field will contribute 4 million barrels, while Sépia and Atapu will each have 2 million barrels. According to the company, the auction will be structured in lots, allowing greater flexibility for buyers.
PPSA also stated that most of the oil loads will be delivered throughout 2027, which reinforces the strategic and long-term nature of the operation.
PPSA Revenues and Impact of Oil on Public Accounts
Before the announcement of the auction, PPSA President, Luis Fernando Paroli, highlighted the financial projections of the state-owned company. The expectation is that the company will raise R$ 30.6 billion in 2025, while the forecast for 2026 is R$ 28 billion.
The difference between the two years is directly linked to conducting the auction of uncontracted pre-salt areas, which is expected to account for R$ 8.79 billion of the total revenue in 2025. However, there is still no definition on whether this type of auction will be repeated in 2026.
Uncontracted Areas May Return to the Government Radar
Among the uncontracted areas, one of the most relevant is the shared Tupi reservoir, located in the Santos Basin, which was offered this year but had no interested parties. For this reason, it may return in a future auction. Additionally, the Jubarte reservoir, in the Campos Basin, emerges as another possible offer.
Sources linked to PPSA claim that there is currently no official signal from the government regarding the holding of a new auction for uncontracted areas. Nevertheless, there is internal consensus that, if the goal is to repeat this strategy in 2026, the decision would need to be made early in the year.
This is because the process involves more in-depth evaluations and greater scrutiny by the TCU (Federal Court of Accounts). With more time available, the agency would be able to analyze in greater detail the financial and legal impacts of a new auction, which could directly influence the timeline and viability of the anticipated revenues from pre-salt oil.

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