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Financial News: BRAZIL: Auction Of Oil And Gas Blocks Grants

BRAZIL: Auction Of Oil And Gas Blocks Grants R$ 3,84 Billion

09/27/2017 - 16:21:00 (RTTNews)

(RTTNews) - The 14th Round of Bids for the exploration of oil and natural gas of the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) beat the government's expectation to reach R$ 3.842 billion (US$1.2 billion) in grants. The premium measured was 1,556%, while the estimated average investment was R$ 845,631 million.

The Brazilian government sold 37 hydrocarbons blocks for exploration and production of oil and natural gas. Out of the 32 companies registered to take part in the event, 17 took blocks, being ten locals and seven foreigners. The signing of the contracts is expected to occur until January.

The largest signing premium was around R$ 2.24 billion, offered for the CM-346 block in the Campos basin, by the consortium formed by Petrobras (50%) and ExxonMobil Brasil (50%), which stood out in the auction.

The total area sold was 25,011 square kilometers. The blocks are distributed in 16 sectors of eight sedimentary basins: Parnaíba, Potiguar, Santos, Recôncavo, Paraná, Espírito Santo, Sergipe-Alagoas and Campos.

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