The Brazilian Ministry of Mines and Energy and Ministry of Environment and Climate Change have signed a joint statement to include 91 new oil blocks in the permanent offer system in the next auctions. The blocks cover 39 areas in the São Francisco Basin (Minas Gerais), 41 blocks and a marginal accumulation field in the Potiguar Basin (Rio Grande do Norte), and 11 blocks in the pre-salt polygon. They will make up the next cycle of auctions, scheduled for 2025. Being offered under the Potencializa E&P program, which was recently created by the government to boost attraction towards its auctions, the offer aims to increase the Brazilian oil production and ensure its energy self-sufficiency.
Brazil has proven reserves of oil and condensates estimated at 2 Gt, and gas reserves at 406 bcm (end of 2023). Brazil expects oil production to decline due to the expiration of Joint Manifestations by July 2025, and it aims to issue new manifestations to maintain the supply of blocks.