Petrobras was the highest bidder for the biggest number of blocks offered in the 9th round of bidding held by the National Petroleum Agency (NPA). Of the 271 blocks that were offered in the auction, the company was the top bidder for 27, whether on its own or in partnerships. It also secured, in its technicians’ opinion, the nine most promising blocks located in shallow Santos Basin waters.

The company was successful in its strategy of completing its exploration portfolio in new frontiers. It was the highest bidder for the four blocks it wagered on in the Pará-Maranhão basin, in an area that has already produced excellent-quality light oil in the past. Additionally, it got the three blocks it bid for in deep waters in the Pernambuco Basin where, based on the available seismic data, it is most likely oil will be found.

The total Petrobras and its partners invested in this round was R$309 million, of which R$195 derived from its own resources and R$114 million coming from partners. To achieve this positive outcome, it signed important agreements, for example, with the Companhia Vale do Rio Doce (CVRD), with which it will work in nine of the 27 blocks it got.

The association with CVRD, one of Brazil’s biggest corporations, was successful in bidding for blocks both in high-potential areas in the Santos Basin, near the Merluza and Lagosta gas fields, and in new frontier areas in the Pará/Maranhão and Parnaíba basins.

Petrobras was the only major company to participate actively in several basins in the 9th Round, in line with its commitment to continue making heavy investments in exploration in Brazil.

Tags: Petrobras