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Petrobras CEO Roberto Castello Branco said the reason most major oil companies didn’t show up for Brazil’s massive auction was because of the astronomic price tag and regulatory uncertainties. “The amount that companies would need to commit upfront, with license fees and compensation to Petrobras, was too high,” Castello Branco said in an interview Wednesday... Continue Reading →
Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up promising offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA (PETR4.SA). The only block awarded in Thursday’s bidding went to the Brazilian oil firm, known as Petrobras,... Continue Reading →
For the second day, state-controlled energy giant Petrobras led the sole bid as major foreign producers sat out an auction of Brazilian oil deposits. Petroleo Brasileiro SA, as the company is also called, made a successful joint bid with China National Oil & Gas Exploration & Development Co. for the Aram block in Thursday’s sale... Continue Reading →
Brazil’s state-run Petrobras and CNODC, a unit of China National Petroleum Corp, were awarded rights to explore and produce oil at the Aram block in the country’s Santos basin by offering the minimum allowed profit oil of 29.96 percent. This was the only bid of the 6th Pre-Salt Round. The other blocks did not recieve... Continue Reading →
Brazil’s biggest-ever oil auction frustrated expectations on Wednesday, as high prices and the dominant role of state-run oil company Petrobras scared off global oil majors. Petroleo Brasileiro SA (PETR4.SA), as the Brazilian firm is also known, and Chinese state firms CNOOC (0883.HK) and CNODC [CNPC.UL] made the only bids out of over a dozen major... Continue Reading →
Nov 6, 2019 (Reuters) - A consortium led by Brazilian state-run oil company Petrobras and including China’s state-run companies CNOOC and CNODC was awarded the most promising block of the nation’s Transfer of Rights auction on Wednesday. The Buzios block was won by the companies by offering the minimum profit oil allowed for that area,... Continue Reading →
Brazil is holding what may be the world’s priciest-ever sale of oil prospects on Wednesday, with all eyes on who takes the giant Buzios field. Exxon Mobil Corp. and Royal Dutch Shell Plc are among heavyweights signed up to bid for four deep-water areas known as the transfer-of-rights reserves. It’s a prime piece of real estate at the... Continue Reading →
November 5, 2019 The two exploratory block auctions that the ANP will promote today and tomorrow are marked by record numbers, starting with the huge numbers that generate huge expectations in the industry and in the three Brazilian administrative spheres. Treated by the government as the biggest auction of all time, the TOR round will... Continue Reading →
November 4, 2019 Petrobras requested another six months from the National Petroleum Agency (ANP) to comply with its determination to sell blocks and fields in which it suspended its investment plans. Under the current term, the company has until December 31 to sell the assets. The request will be reviewed by the agency's collegiate board... Continue Reading →
As Brazil approaches the biggest oil auction in its history — and one of the world’s most expensive ever — the field of deep-pocketed bidders has narrowed to less than a dozen oil majors. In Wednesday’s auction, known as the transfer-of-rights (TOR) bidding round, firms are expected to pay up to 106.5 billion reais ($26.5... Continue Reading →
