• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 21 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days "How China Could Send LNG Prices Into The Stratosphere" by Irina Slav
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 8 days "Oil-funded Rockefeller Foundation centers fight for climate" - Associated Press
EU Gas Dependence On Russia Falls By 50%

EU Gas Dependence On Russia Falls By 50%

The European Union has reduced…

The Global Diesel Crunch Is Going To Get Worse

The Global Diesel Crunch Is Going To Get Worse

With winter looming, U.S. distillate…

Brazil Pre-Salt Tenders Attract 10 Oil Companies’ Initial Interest

Two tender rounds for exploration rights in the pre-salt areas of Brazil have attracted the attention of ten oil companies, according to a government official who spoke to Reuters on Thursday.

The second and third rounds of auctions for the area – considered to be one of the world’s most promising oil reserves – will take place on October 27th. Eight blocks in the Santos and Campos basins are up for tender.

"Today we have nine that have expressed interest in the second (auction) and ten that have expressed interest in the third," Waldyr Barrosos, director of the industry watchdog ANP said during an event in Rio de Janeiro.

This means nearly a dozen companies turned in a form expressing their interest in the bidding process. To become officially eligible to participate in the round, the firms would have to submit to a further registration process with Brasilia by September 8th.

The term “pre-salt fields” refers to areas where oil assets are buried under thick layers of salt on the surface of the ocean floor.

Discovered only 10 years ago, Brazil’s pre-salt area has rapidly become the biggest oil-producing area in the country. Just earlier this month, Petrobras discovered commercial oil in a whole new pre-salt area known as the Marlim Sul Field in the Campos Basin, located about 70 miles off the shore of Rio de Janeiro.

Because pre-salt layers—the geological layers that were laid before a layer of salt was created by the Gondwana breakup about 160-180 million years ago—are so deep underground that they are quite costly and difficult to drill. But according to Petroleo Brasileiro SA Chief Executive Officer Pedro Parente, in recent weeks, oil has been extracted from the pre-salt offshore wells at the jaw-dropping cost of just $8 per barrel.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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