Brazil’s 14th oil rights auction fetches record bids

Brazil’s 14th oil rights auction fetches record bids

Brazil’s oil regulator ANP on Wednesday presided over an oil and gas rights auction that included some record-setting bid amounts.

A total of 20 firms were involved in the bidding with 17 of them successful. Ten of those were Brazilian and seven from other countries.

The blocks involved were a mix of offshore and on land. Of 287 blocks available, 110 were offshore and 37 were acquired by oil companies.

Most notable of the successful bids was a $700 million one from a consortium jointly owned by Brazil’s state oil firm Petrobras and US giant ExxonMobil. Each has a 50% stake in the block, C-M-346 in the Campos Basin.

In all, the auction bids raised a record $1.19bn for Brazil.

Other offshore blocks on offer were in the Pelotas, Santos, Espirito Santo, Sergipe-Aalagoas and Campos basins.

Brazilian authorities had simplified the regulations for this, the 14th such auction, to make it more appealing to potential bidders.

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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