Brazil launches 13th tender for oil blocks

30 April 2015

The Brazilian government is due next week to launch the 13th auction for the concession of blocks for oil exploration, and the official announcement is expected to be made by the Minister of Mines and Energy, Eduardo Braga, during a conference in Houston, USA.

The Brazilian press reported that the official forecast is to raise between 2 billion and 2.5 billion reais in signing bonuses, and the auction is expected to take place in October and contracts signed in December.

In all, between 270 and 290 blocks will be auctioned, none of which in the so-called pre-salt layer.

The next auction of oil exploration area under the production sharing regime, known as the pre-salt auction, could be postponed to 2017 the newspaper reported.

The initial aim was to carry out the second auction based on a production sharing model in 2016, but the idea is now to wait for Petrobras, which has a mandatory share of 30 percent in the consortium that will develop the area, to implement financial restructuring to respond to high levels of planned investments. (macauhub/CN/BR)