Brazil to Auction 91 Oil Blocks, Potentially Raising 2.4 Billion Reais and $394 Million in 2025

Nov 30, 2024, 02:30 PM

Brazil's Ministry of Mines and Energy announced plans to permanently offer 91 oil blocks for sale, which could generate 2.4 billion reais (approximately $394.11 million) in signing bonuses during the upcoming auction cycle. This initiative aims to enhance the country's energy security, with a target of reaching 5.3 million barrels per day by 2030. The auction is expected to take place in 2025, focusing on pre-salt opportunities that are pivotal for Brazil's oil production. Additionally, Petrobras has initiated a bidding process for vessels related to the Sergipe deepwater project, further underscoring the company's ongoing investments in expanding Brazil's oil and gas capabilities.