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Chinese oil companies yesterday won an auction to extract crude oil from underwater fields in Brazil
Thursday, August 1, 2024 - 11:15
Fuente: Reuters

According to the Brazilian Government, CNOOC and PetroChina won one lot each, while Petrobras took the others that had been offered in the fourth oil auction organized by the government company PPSA.

The Chinese companies CNOOC and PetroChina and the Brazilian state company Petrobras won this Wednesday the auction carried out by the Government of Brazil to produce oil in four lots of the underwater mega fields known as the "pre-salt" area, 200 kilometers from the Atlantic coast, which They must pay 17 billion reais, about US$3 billion, to the State in 2025.

According to the Brazilian Government, CNOOC and PetroChina won one lot each, while Petrobras took the others that had been offered in the fourth oil auction organized by the government company PPSA, holder of the oil fields of the state of Brazil, the main Latin American economy.

The auction was held at the headquarters of the Sao Paulo Stock Exchange and ten oil companies were authorized to participate and the winner was the one who offered the lowest discount on the total value.

According to PPSA, 37.5 million barrels of oil were tendered in 3 lots in the Mero Field and another in the Buzios Field, which operate under the profit division regime and not just the distribution of royalties.

Lot 1 of the Mero field, with production of 12 million barrels, was won by Petrobras, a state-owned open capital company, as well as Lot 4 of the Buzios Field, with production of 2.5 million barrels.

Lot 2 of the Mero Field, with 12 million barrels to be produced, was won by the Chinese company CNOOC, while Lot 3 of the Mero Field, with 11 million barrels, will be managed by PetroChina.

The discovery of the underwater megafields of the pre-saltpeter layer occurred by Petrobras in 2006, during the previous administration of the current president Luiz Inácio Lula da Silva (2003-2010), at a depth of 7,000 meters in an area of 800 kilometers in length. 200 kilometers from the coast of the states of Sao Paulo, Rio de Janeiro and Espirito Santo, in the southeast region.

"This auction was the one with the largest participation of companies in our history. As a result, we had a record in the value at which the Union's oil is being sold," the president of PPSA, Tabita Lourero, told reporters.

With the auction, PPSA has already sold the equivalent of 100,000 barrels per day that will be produced in the completed fields and the projection, according to Lourero, is that the government's participation will reach 500,000 barrels per day in 2029.

"In 2029 this extraordinary result will be multiplied by five.

All proceeds from the commercialization of the Union's fields enter the National Treasury.

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