São Paulo – Pré-Sal Petróleo, a state-controlled company affiliated with the Ministry of Mines and Energy of Brazil, will hold on November 26 the 3rd Oil Auction of Brazil to sell 55 million state-owned oil barrels. The announcement was published on Tuesday (26) in the Official Gazette, and the auction will sell oil from the fields of Búzios, Sapinhoá, Tupi, and Mero Field Development.
This will be an in-person event in Brazilian stock change operation B3 starting 2 pm (BRT). Eligible participants include Brazilian oil and gas producers and exporters that have a share in the fields of the auction, Brazilian producers and exporters and members of pre-salt exploration and production consortiums, but partners in fields of the auction, Brazilian refining companies and trading companies are not allowed to participate. Consortiums consisting of up to three companies can participate, too, including oil, logistics, refining and trading firms.
Contract terms for each offered field range from 24, 36 or up to 60 months, The largest cargo sold comes from Mero Field Development. The buyer can acquire a lot of 43.4 million barrels in 36 months or 19.8 million barrels in 24 months. Volumes are estimates of the future share of the state-controlled oil in these fields, which take into account the uncertainty inherent to the process. If any of the lots is not sold, a repechage round will take place after all auctions.
The announcement is available on the Pré-Sal Petróleo’s webpage.
Translated by Guilherme Miranda
