Skip to main content

Petrobras, CNOOC and CNODC acquire stakes in Brazil's biggest oil auction

Published by , Editor
Oilfield Technology,

As reported by Reuters, 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.

Petrobras and Chinese state firms CNOOC and CNODC made the only bids out of over a dozen major oil firms who had registered. Two of four blocks on offer got no bids.

Brazil’s government received approximately 70 billion reais (US$17 billion) of signing fees from the minimum bid by Petrobras in a consortium with CNOOC and CNODC for the round’s biggest block, Buzios, and a lone Petrobras bid for the smallest block, Itapu.

On the Buzios block, Petrobras took a 90% stake while 5% each went to CNOOC and CNODC, a unit of China National Petroleum Corp.

Petrobras already has four operating platforms in Buzios, and plans to install four more in Buzios and the other nearby blocks by 2023.

Brazil’s sixth pre-salt bidding round, a much more conventional oil auction is scheduled for today (7 November).

Read the article online at:

You might also like

HEYCO Energy Group acquires Egdon Resources

This acquisition adds to HEYCO’s expanding European portfolio, following the purchase of a gas field in Northern Spain and the establishment of a Madrid office in 2022.


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Upstream news Offshore news Brazil upstream news Oil & gas news


Oilfield Technology is not responsible for the content of external internet sites.