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Brazil announces fourth round of presalt auctions will be in June

Brazil announces fourth round of presalt auctions will be in June

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Brazil’s National Council of Energy Policy (CNPE) on Thursday announced that the fourth round of pre-salt auctions for blocks in the Santos and Campos basins will be held on 7 June 2018, according to Reuters.

It also announced that the auction for 70 blocks under the concession regime will be held in March. That will also include some offshore blocks.

The presalt is a resource-rich area of the Atlantic Ocean where potentially billions of barrels of oil are trapped below thousands of feet of salt.

CNPE is a government agency that advises the presidency on policies for the energy sector.

The concession regime is one of the legal frameworks governing E&P in Brazil. Under it, successful contractors own the production profits in the case of success.

The other regime is the production sharing regime (PSA) which applies to presalt fields and others deemed “strategic” by the government. As the name suggests, contractors in a PSA regime will receive a predetermined percentage share of the project’s profits, the rest going to the state.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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