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Did Venezuela Just Default?

Did Venezuela Just Default?

S&P Global Ratings declared Venezuela…

Brazil’s Pre-Salt Areas Attract 17 Major Oil Bidders

Brazil

As many as 17 companies have registered to bid next month in two rounds of exploration license awards in Brazil’s pre-salt layer, Brazilian Oil and Gas Secretary Marcio Felix said on the sidelines of an event on Thursday.

Brazil is eager to award new exploration licenses in the most promising blocks in its pre-salt layer as it tries to boost its economy and attract more foreign investment.

Before Felix gave the exact number of the different bidders in the two rounds, the country’s oil and gas regulator ANP had previously said that 10 firms had expressed interest to take part in the second round, with 15 companies registering to bid in the third round. Now the exact number is known—17—and all are major oil firms, Reuters quoted Felix as saying.

Interest in pre-salt areas by majors has grown since Brazil removed in October last year the requirement by law that Brazilian state oil firm Petrobras must be a participating partner in all pre-salt blocks.

Now the 17 companies that have registered to bid will do so on October 27 on eight blocks in the Santos and Campos basins, which are considered one of the most promising developments offshore Brazil.

Related: The $10 Trillion Resource North Korea Can't Tap

According to Petrobras chief executive Pedro Parente, oil is being extracted from the pre-salt offshore wells at the cost of just US$8 per barrel—an attractive figure that is piquing the interest of major foreign players.

Apart from the two rounds next month, Brazil will put up for bidding next year exploration licenses for oil reserves in the so-called Transfer of Rights area in the pre-salt layers, Reuters quoted Felix as saying in Rio. Currently, Petrobras operates the Transfer of Rights area, in which it has rights on 5 billion barrels of oil. According to government estimates, there could be at least another 10 billion barrels more in the area, Felix noted. 

By Tsvetana Paraskova for Oilprice.com

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  • Lucas Rafael on September 19 2017 said:
    Brazil, my beloved country. we look forward to the 2018 elections. We are suffering from high gas and gas prices, even Petrobras being state-owned, the Pre-Salt being exploited. We want the privatization of this company. Yes, here we always have a party, all the streets have a son car always connected with a lot of people around dancing.
  • Jack Ma on September 14 2017 said:
    Brazil !!

    Got to love Brazil. You can do what you want - when ever you want - party 24-7. Yeah they got some salt domes in the sea and some oil out there, but they got a lot of cool stuff in the city. Like a jungle where life really gets going. It is the place to be - and always be.

    Brazil !!

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