TotalEnergies and Petrobras Win Lots in PPSA's 8th Spot Auction

en.Wedoany.com Reported - On August 26, PPSA completed the 8th round of federal crude oil spot auctions, offering a total of 8 lots covering the Búzios and Atapu fields. TotalEnergies secured Lots 1, 2, and 7, acquiring a combined 4 million barrels of Búzios crude; Petrobras won Lot 4 with 900,000 barrels of Atapu crude. The remaining Lots 3, 5, 6, and 8, all from the Búzios field, totaling approximately 8 million barrels, went unsold, and PPSA plans to re-offer them in September.

Lot 1, secured by TotalEnergies, comprises 1 million barrels from the FPSO Almirante Tamandaré; Lot 2 also contains 1 million barrels from the FPSO Almirante Barroso, with both lots scheduled for loading between October and December 2026. Lot 7 consists of two sub-lots of 1 million barrels each, sourced from the P-78 and P-79 platforms, with loading scheduled for November to December.

Lot 4, secured by Petrobras, comes from the P-70 platform in the Atapu field, with a volume of approximately 900,000 barrels, scheduled for loading in early November. Under the final lot structure of this auction, the 8 lots totaled approximately 12.9 million barrels, of which approximately 4.9 million barrels were sold, representing about 38% of the final offered volume.

The lot structure of this auction was adjusted from the initial plan announced on August 10. PPSA originally planned to sell approximately 13 million barrels of Búzios crude and 900,000 barrels of Atapu crude, and subsequently re-divided the cargoes and lots based on the logistics arrangements of each FPSO. The unsold Lot 3 includes two sub-lots of 500,000 barrels each; Lot 5 includes three sub-lots of 500,000 barrels each; Lot 6 includes five sub-lots of 500,000 barrels each; and Lot 8 includes three sub-lots of 1 million barrels each, with all four lots sourced from the Búzios field.

Auction bids were benchmarked against the spot Brent crude price and opened in real time during a meeting attended by representatives of participating companies. PPSA stipulates that the final transaction prices for the spot auction will be disclosed 15 days after the respective cargoes are fully loaded. Prior to the auction, PPSA invited 16 companies to participate in this bidding round.