Brazil's state-owned energy giant Petrobras has expanded its oil and gas footprint in Brazilian waters by securing two blocks in the public session of the 3rd Cycle of the Open Acreage of Production Sharing (OPP) conducted by the Brazilian National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

The Brazilian company confirmed the acquisition of two blocks in the Campos Basin during the latest bid round, which offered seven blocks across the Campos and Santos basins. Petrobras submitted offers during the 3rd Cycle of the Permanent Production Sharing Offer, securing 100% of the bids submitted.

Block Acquisitions and Partnerships

Petrobras acquired the Jaspe block in partnership with Equinor Brasil Energia, a subsidiary of Norway's state-owned energy giant Equinor. The consortium will have Petrobras as the operator, holding a 60% stake, with Equinor holding the remaining 40%.

The Brazilian company also fully acquired the Citrino block as a sole operator. The percentage of surplus oil to be made available to the Federal Union was the sole criterion adopted by the ANP to determine the winning bid, as the fixed value of the signing bonus was already established in the tender notice.

Financial Commitments

The signing bonus to be paid by Petrobras in March 2026 amounts to approximately BRL 37 million, equivalent to USD 6.87 million. This payment structure was predetermined in the tender notice, with the surplus oil percentage serving as the determining factor for bid selection.

Strategic Impact and Portfolio Expansion

Petrobras claims that participation in this bid round aligns with its long-term strategy, thereby incorporating almost 2,300 square kilometers into its portfolio of exploratory areas. The Brazilian company is convinced that the participation also reinforces its position as the leading operator of oil fields located in ultra-deep waters, enhancing its ability to replenish reserves and secure its future.

Recent Developments and Context

The award of these two offshore blocks follows Petrobras obtaining authorization to drill the Morpho well in block FZA-M-59, located in the Foz do Amazonas basin. Earlier this year, nine companies secured exploration rights for several Brazilian offshore blocks on offer at the 5th Permanent Concession Offer Cycle held by ANP.

The bidding process was conducted through ANP's public session, with the results disclosed following the completion of the 3rd Cycle of the Open Acreage of Production Sharing. The acquisition represents Petrobras's continued expansion in Brazilian offshore waters, adding significant acreage to its existing exploration portfolio.

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