Portuguese 
English 
Spanish 
3 min of reading 
0 comments 
Pre-Salt Auction Ends with Fiscal Disappointment: Petrobras and Shell Acquire Areas for R$ 8.8 Billion, Below the Union’s Estimate.
The federal government raised R$ 8.8 billion on Wednesday (4) in Rio de Janeiro, after the consortium formed by Petrobras and Shell won two strategic pre-salt areas in an unprecedented auction of Union interests in fields already in production.
However, the result disappointed expectations because there were no bids for the Union’s share in Tupi, reducing the revenue forecast for 2025 and reigniting discussions about market appetite for mature assets.
The auction, conducted by PPSA, marked the first sale of this type carried out in the country, bringing together companies interested in expanding their portfolios in the pre-salt.
-
Offshore industrial demand in Macaé skyrockets with the recovery of oil and gas and could grow by up to 396% by 2026 in the Campos Basin.
-
Offshore industrial demand in Macaé surges with the recovery of oil and gas and could grow by up to 396% by 2026 in the Campos Basin.
-
Brazilian giant expands borders in the Southeast: Petrobras confirms new oil discovery in ultra-deep waters in the pre-salt of the Campos Basin.
-
Alert in the global energy market: Severe tropical cyclone hits the coast and disrupts gas production at major plants in Australia, threatening global supply.
Still, the total amount collected was R$ 1.4 billion below the last official estimate, reflecting a scenario of greater caution among investors.
Petrobras and Shell Acquire Areas in Pre-Salt for R$ 8.8 Billion in Mero and Atapu
The consortium’s main victory came in the Mero field, where Petrobras and Shell offered R$ 7.79 billion for the Union’s 3.5% share in a shared deposit.
The amount exceeded the minimum required in the bidding notice, which was R$ 7.65 billion, and reinforced the strategic importance of the field, considered one of the jewels of the pre-salt.
Next, the group also acquired the 0.95% share in Atapu, spending around R$ 1 billion, also above the minimum value of R$ 863.32 million.
The two companies already operate together in these areas, thus expanding their influence in high-productivity operations.
Tupi Receives No Bids and Lowers Expected Revenue
Despite the interest in Mero and Atapu, the lack of proposals for the 0.833% share in Tupi surprised the government.
The minimum bid was R$ 1.69 billion, but no company qualified to contest the area.
According to the president of PPSA, Luis Fernando Paroli, the decision reflects a divergence of assessment between buyers and the government.
“Possibly the buyers’ view was a little worse than the view we had,” he stated.
Nevertheless, Paroli emphasized that the Union does not lose anything since it will continue to receive and commercialize the oil from its stake in the field.
Initial Expectation Was Much Higher for the Auction
When the proposal to sell three areas was presented, the government projected revenue of R$ 15 billion, considering a larger premium and the possibility of full sale of the three stakes.
The disappointment stems, therefore, from the performance below expectations and the removal of Tupi from the final package.
Still, Paroli positively assessed the outcome and stated that “I am sure they made a great deal,” referring to the winning companies.
Fiscal Impact Is Reduced, but Revenue Disappoints Government
Sources from the Ministry of Finance admit there was disappointment with the shortfall of R$ 1.4 billion.
This occurs because, over the years, the government usually fails to execute part of the authorized expenditures in the Budget, a phenomenon known as resource entrapment.
According to the Treasury, they are compensating for revenue losses such as those recorded in the auction where Petrobras and Shell acquire areas for R$ 8.8 billion.
What to Expect After the Auction and Its Developments
With the areas of Mero and Atapu acquired, the government ensures financial reinforcement for the 2025 budget.
The lack of interest in Tupi, on the other hand, opens room for new assessments about the model and the market timing.
The auction makes it clear that while the pre-salt continues to be one of the largest oil frontiers in the world.
-
Uma pessoa reagiu a isso.