• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 2 hours UK, Stay in EU, Says Tusk
  • 6 hours Socialists want to exorcise the O&G demon by 2030
  • 48 mins How Is Greenland Dealing With Climate Change?
  • 3 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 4 hours Venezuela continues to sink in misery
  • 1 hour German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 3 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 1 day Regular Gas dropped to $2.21 per gallon today
  • 1 day China Car Sales Plummet: Can Musk Unshovel His Groundbreaking?
  • 1 day BofA Sees Oil at $35-70
  • 4 hours Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 9 hours Orphan Wells
  • 11 hours Solid-State Batteries

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

Brazil

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

Oilprice - The No. 1 Source for Oil & Energy News