ANP carried out the 4th Permanent Concession Offer Cycle, 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). Of the 602 blocks offered in nine different basins, only 192 received proposals (144 blocks on land and 48 blocks at sea), totaling a signature bonus of approximately US$85,7 million, the equivalent of R$421,7 million.

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

Morgan Stanley highlights Petrobras' presence in the Pelotas Basin

Morgan Stanley highlights that this round of bids marked the return of Petrobras to the Pelotas Basin. The state-owned company, working in two consortia different, acquired 29 blocks in the basin, reaching a signing bonus of around US$23,6 million, to be paid in April 2024. The Petrobras consortia 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.

In the American bank's view, 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 too early to assess the potential of region, especially after the devolution of blocks by Petrobras in recent years', he comments. 'However, the company's dominance during the auction could represent a more positive view of the basin and be an important way to diversify its exploratory portfolio and reduce risks related to the possibility of environmental licensing issues in the Foz do Amazonas 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 expected, as it is 'joined' to the pre-Pangea basin of Namibia, which made several recent important discoveries announced by Shell and TTE.

Source: InfoMoney