• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
OPEC Well Completions Dip In 2021

OPEC Well Completions Dip In 2021

The number of completed wells…

Iranian Food Consumption Plummets As Prices Soar

Iranian Food Consumption Plummets As Prices Soar

Soaring prices are weighing on…

Exxon Acquires $1.2B Worth Of Oil Blocks In Brazil Auction

Exxon won the rights to develop 10 oil blocks in Brazil’s deep waters at a Wednesday auction that marks a turn for the local oil industry after years of Petrobras’ reign. The new government hopes to lure back investors by privatizing a string of state companies and by opening up the pre-salt layer oil wealth to all who are interested.

The U.S. giant partnered with Petrobras for six of the ten fields that fetched a total US$1.2 billion (3.8 billion reias). For one of the fields, located in the Campos Basin close to the pre-salt zone, Exxon and Petrobras bid US$700 million (2.24 billion).

This, according to Reuters, is the highest ever bid for a Brazilian oil block. AFP notes that this single bid exceeded the total expected proceeds from the tender. Expected proceeds for the entire auction, according to the head of the National Petroleum Agency Decio Oddone, were US$157 million. Reuters pegged the expected earnings at $529 million.

A total of 287 blocks were auctioned yesterday, but the portion of blocks that actually found investors was small—just 37. Yet, the total proceeds from the auction were certainly impressive. Reuters quoted government officials as saying they had expected 40 percent of the blocks on offer to find takers.

Related: Oil Analysts Baffled As Venezuela Ditches Petrodollar

The results of the auction could be indicative of future interest. This is just the start of a series of auctions that will next delve into the pre-salt fields, with an auction scheduled for October 27. Most of Brazil’s undiscovered oil wealth lies in these pre-salt zones in deep waters, and the industry is eager to explore them.

Norway’s Statoil,  French Total, and Shell are already operating in the pre-salt zones. The rest of the supermajors and smaller E&Ps are very likely to follow.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Tom on September 28 2017 said:
    Where is Russia and China in a joint bid? Where goes Exxon, follow.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News