Petrobras Invests in Pelotas Basin: A New Frontier for Diversification and Risk Reduction, Analysts Say

Written by Paulo Nogueira

Published on 14/12/2023 at 11:52

ANP (Agência Nacional do Petróleo) realizou na última quarta-feira (14) o seu 4º Ciclo de Oferta Permanente de Concessões – Todos os direitos: Info Money

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ANP Held The 4th Cycle of Permanent Offer of Concessions, With Block, Signature Bonus, Bidding, Return, and Consortiums. New Exploratory Portfolio Offered.

Petrobras (PETR4) was one of the companies that stood out in the ANP (National Petroleum Agency) auction last Wednesday (14). Out of the 602 blocks offered in nine different basins, only 192 received bids (144 onshore blocks and 48 offshore blocks), totaling a signature bonus of approximately US$ 85.7 million, equivalent to R$ 421.7 million.

The Pelotas Basin was the main highlight of the auction, concentrating about 70% of the total signature bonus. Petrobras (PETR4), Shell, CNOOC, Chevron, Equinor, and Karoon were the main oil companies that won blocks offshore, while 3R Petroleum (RRRP3), PetroRecôncavo (RECV3), and Eneva (ENEV3) were the main companies that won blocks onshore. 3R Petroleum

Morgan Stanley Highlights Petrobras’ Presence in The Pelotas Basin

Morgan Stanley highlights that this round of bidding marked Petrobras’ return to the Pelotas Basin. The state-owned company, working in two different consortiums, acquired 29 blocks in the basin, achieving a signature bonus of around US$ 23.6 million, to be paid in April 2024. Petrobras’ consortiums faced competition from Chevron in 11 bids, but Petrobras won all of them. In the onshore scenario, 3R and PetroRecôncavo acquired three and two blocks in the Potiguar Basin, respectively.

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In the view of the American bank, although it was not a highly competitive auction, the interest shown in the Pelotas Basin could represent a new frontier for exploratory investments in Brazil.

‘It is still early to assess the potential of the region, especially after the return of blocks by Petrobras in recent years’, he comments. ‘However, the company’s dominance during the auction may represent a more positive outlook for the basin and be an important way to diversify its exploratory portfolio and reduce risks associated with potential environmental licensing issues in the Amazonas River Mouth Basin’, he assesses.

Petrobras’ Participation in The Pelotas Basin Was Expected

Bradesco BBI, in turn, points out that Petrobras’ participation in the Pelotas Basin was anticipated because it is ‘joined’ to the pre-Pangea of the Namibia basin, which has made several significant recent discoveries announced by Shell and TTE.

Source: Info Money

Petrobras Invests in Pelotas Basin: A New Frontier for Diversification and Risk Reduction, Analysts Say

ANP Held The 4th Cycle of Permanent Offer of Concessions, With Block, Signature Bonus, Bidding, Return, and Consortiums. New Exploratory Portfolio Offered.

Morgan Stanley Highlights Petrobras’ Presence in The Pelotas Basin

Petrobras’ Participation in The Pelotas Basin Was Expected

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Petrobras Invests in Pelotas Basin: A New Frontier for Diversification and Risk Reduction, Analysts Say

ANP Held The 4th Cycle of Permanent Offer of Concessions, With Block, Signature Bonus, Bidding, Return, and Consortiums. New Exploratory Portfolio Offered.

Morgan Stanley Highlights Petrobras’ Presence in The Pelotas Basin

Petrobras’ Participation in The Pelotas Basin Was Expected

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