Petrobras, CNODC awarded Aram block in Brazil pre-salt round

Published by Nicholas Woodroof, Editor
Oilfield Technology, Friday, 08 November 2019 12:00

As reported by Reuters, Petrobras and CNODC, a unit of China National Petroleum Corp, were yesterday awarded rights in Brazil's sixth pre-salt auction to explore and produce oil at the Aram block in the Santos Basin by offering the minimum allowed profit oil of 29.96%.

Four other blocks on offer received no bids.

In a press conference following the auction, Brazilian authorities expressed disappointment. Decio Oddone, the head of Brazilian oil regulator ANP, said he expected at least three of the oil blocks to receive offers, adding that the rules for auctions needed to be changed.

On Wednesday, in Brazil's biggest-ever oil auction, 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.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/08112019/petrobras-cnodc-awarded-aram-block-in-brazil-pre-salt-round/

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