• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 3 hours Shale Oil will it self destruct?
  • 13 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 3 hours Today in Energy
  • 2 days Excellent Choice: Germany's Von der Leyen Secures Powerful EU Executive Top Job
  • 4 hours Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 3 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 1 day Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 1 day Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Migration From Eastern Europe Raises German Population To Record High
  • 2 days Washington Post hit piece attacking oil, Christians and Trump
  • 18 hours Why Natural Gas is Natural
  • 14 hours LA Solar Power/Storage Contract
  • 2 days White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
UAE Looks To Launch New Regional Oil Benchmark

UAE Looks To Launch New Regional Oil Benchmark

The Abu Dhabi National Oil…

China’s Refineries Hit New All-Time Operating Record

China’s Refineries Hit New All-Time Operating Record

Chinese crude oil throughput hit…

Big Oil Bets Big On Brazil’s Pre-Salt In Latest Offshore Auction

Offshore rigs

Some of the world’s biggest oil companies bid aggressively in Brazil’s latest offshore bid round on Thursday, snapping up acreage in three blocks in the coveted pre-salt layer, despite the recent turmoil in the country’s oil industry and renewed anxiety over political meddling in the energy sector.

Various consortia consisting of ExxonMobil, Chevron, Shell, BP, and Equinor (formerly Statoil) won the rights to explore three blocks in the Santos and Campos basins, alongside Brazil’s state-owned oil firm Petrobras, in the fourth Production Sharing Round held today.

A consortium of Petrobras, Chevron, and Shell won the Três Marias block; Petrobras, Petrogal Brasil, Equinor, and ExxonMobil won the right to develop the Uirapuru block; and Petrobras, Equinor, and BP were the winners of the Dois Irmãos block.

The bidding raised US$818.5 million (3.15 billion Brazilian reais) in signing bonuses for the Brazilian state, and US$192 million (738 million Brazilian reais) in planned investments in the exploration phase, the country’s oil regulator ANP said while announcing the results.

“The prolific basins offshore Brazil represents world class exploration acreage. The results from this and previous bid rounds have added highly prospective acreage to Equinor’s exploration portfolio, allowing us to maintain a significant activity and pursue high value prospects in Brazil in the years ahead,” Tim Dodson, Equinor’s executive vice president for exploration, said.

Will Saudi Arabia Listen To U.S. Demands For More Oil?

“Brazil continues to represent a key investment for ExxonMobil, and we look forward to exploring and developing its world-class resources with our co-venturers and the government,” said Steve Greenlee, president of ExxonMobil Exploration Company.

At the end of March, Exxon snapped up eight exploration blocks offshore Brazil, leading Big Oil’s aggressive move on acreage next to the coveted pre-salt layer.

Today’s auction came just as Petrobras CEO Pedro Parente resigned last week, after nationwide trucker strikes forced the government to cut diesel prices and after oil workers demanded that Brazil end the one-year-old policy to allow fuel prices be dictated by the market and international crude oil benchmarks.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play