Portuguese 
English 
Spanish 
5 min of reading 
0 comments 
PPSA Redefined The Schedule And Moved The Spot Sale Of Union Oil From The Bacalhau Field To 2026, With Four Loads Expected. Learn How The New Auction Reorganizes The Supply And Impacts The Oil Market
PPSA confirmed today the postponement of the spot auction that will offer the oil from the Union coming from the Bacalhau Field, originally scheduled for December 10, 2025. The schedule change establishes two new dates in 2026: January 14 and March 11, with a total sale of 4 million barrels distributed over four loads.
The information was confirmed in an official statement and detailed by Agência iNFRA in a report this Tuesday (2). This postponement reorganizes the Union’s marketing schedule but maintains the relevant milestone of making the first sale related to the Bacalhau Field, whose production began on October 15, 2025.
New Auction Schedule Of The PPSA And Relevant Changes
The change announced by the state-owned company modifies the expectations of interested companies but preserves the overall structure of the operation, which will continue to follow the spot sale model, with bids linked to the dated Brent index. Now, under the new calendar, the first load will be marketed on January 14, 2026, totaling 1 million barrels, while the other three loads, each also of 1 million barrels, will be auctioned on March 11, 2026.
-
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.
-
Petrobras finds high-quality oil in the pre-salt at 113 km from RJ and reignites expectations about strategic reserves in the Campos Basin.
-
Ocyan opens registrations for startups focused on innovation in the oil and gas sector and will select projects for Innovation Day with the support of Nexio.
PPSA stated that the postponement occurred due to operational adjustments and the need to ensure better logistical execution for loading. According to the agency, shipments are expected to occur between the end of February and the beginning of March for the first load, and between May and September 2026 for the others. The aim is to ensure regularity, predictability, and alignment with the field’s production schedule.
Why The First Sale Of The Bacalhau Field Is Strategic?
The relevance of this auction increases because it represents the first sale of the Union from the Bacalhau Field, located in the Santos Basin. Production began in October 2025, through the FPSO Almirante Barroso, with production capacity expected to reach 220 thousand barrels per day during its initial phase.
The inclusion of Bacalhau in the Union’s portfolio increases the diversity of assets under PPSA’s management and reinforces the strategic role of Brazilian pre-salt. Since 2018, the state-owned company has been conducting marketing operations through long-term contracts and spot auctions, ensuring transparency and competitiveness in the market.
Thus, the inclusion of Bacalhau in the sales portfolio represents a significant step towards consolidating this new field as a continuous source of revenue for the public coffers.
Participation In The PPSA Auction And Invited Companies
Participation will be allowed for:
- Companies engaged in pre-salt exploration and production;
- Refining companies based in Brazil;
- Trading companies belonging to economic groups linked to the above categories;
- Consortia that include at least one Brazilian E&P or refining company.
Among the invited, PRIO and Refinaria de Mataripe stand out, both mentioned by PPSA as previously qualified participants in similar opportunities.
The sessions will occur through a digital platform (MS Teams), following the standard adopted in recent auctions. The entire process will be public, with live proposal openings and immediate results disclosure, reinforcing the company’s transparency policy.
Characteristics Of The Commercialization Of Union Oil
The sale will use detailed Brent as a reference, following the international market price. This methodology is already traditional in PPSA operations and offers predictability for buyers, while ensuring the Union captures competitive prices.
The total volume of 4 million barrels, although estimated, follows technical parameters established by the field’s production and may present slight variations, as the state-owned company warned. However, these variations are routine and should not affect the structure of the auction.
Buyers will have access to the previously defined delivery schedule, allowing for adequate logistical planning at refineries or export operations. This predictability is one of the factors that historically increases companies’ interest in PPSA’s bidding events.
Importance Of The Bacalhau Field For National Supply
The Bacalhau Field is increasingly important within the national scenario, as it expands the productive frontier of the Santos Basin. Although still in its initial phase, its production capacity promises to enhance the volume of oil marketed by the Union. Furthermore, the operation in the field involves advanced technology, modern FPSOs, and participation from international companies, raising the technical standards of the region.
Since the implementation of the sharing regime, areas such as Búzios, Mero, and Sépia have dominated the Union’s oil generation. Therefore, the arrival of Bacalhau diversifies revenue sources and reduces reliance on a few fields.
This expansion tends to make revenue collection more stable in the medium and long term. Consequently, the first sale of Bacalhau represents not only a symbolic milestone but a strategic move for diversification.
Expected Impacts On The Market And Public Coffers
The postponement to 2026 does not alter the relevance of the event. On the contrary, it may even increase interest, as companies will have more time to analyze the production profile and assess market scenarios.
With the expectation of marketing 4 million barrels, the Union is expected to register significant revenue, although the final value depends on Brent’s behavior at the time of the auction. Nevertheless, previous sales by PPSA demonstrate that spot auctions have generated robust results, with attractive prices and strong participation from large companies.
This competitive structure brings direct benefits to public coffers, in addition to stimulating the production chain of the oil industry in the country. The clear rules of the auction and the structured dispute environment ensure confidence for buyers, an essential factor for maintaining the credibility of the state-owned company.
Expectations For The Next Steps Of The PPSA Process
Over the next few months, the market will monitor:
- Updates on Bacalhau’s production capacity;
- The final definition of available volumes for sale in each load;
- The behavior of dated Brent close to the auction dates;
- The formalization of qualified participants;
- The detailed logistics schedule for each shipment.
These elements will help shape the scenario for the start of commercialization in 2026. The auction, therefore, will be the first thermometer of companies’ interest in acquiring volumes of Bacalhau.
Seja o primeiro a reagir!