The National Agency of Petroleum, Natural Gas and Biofuels (ANP) of Brazil has approved 14 companies to participate in an offshore oil biding round on 6 November 2019. Besides Brazil’s national oil group Petrobras, the list comprises BP, Chevron, ExxonMobil, Shell and Total, as well as Chinese companies CNODC (CNPC) and CNOOC, Columbia’s Ecopetrol, Norway’s Equinor, Portugal’s Galp Energia, Malaysia’s Petronas, Qatar Petroleum and Germany-based Wintershall (BASF).
The bidding round concerns areas located in southeastern Brazil, where Petrobras had won the right to produce up to 5 Gboe in 2010. As the company discovered more oil than it was authorized to extract, the ANP has been mandated to offer the surplus through a biding round, under the production sharing regime. Since Petrobras has already done the exploratory work, there is no exploration risk, as the blocks have been declared commercially viable. Brazil expects to sign more than US$25bn of bonuses in the auction.
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