Brazil's PPSA to Auction 6 Million Barrels of Búzios and Bacalhau Crude Oil

en.Wedoany.com Reported - On September 16, Brazil's Pré-Sal Petróleo S.A. (PPSA) announced that it will hold its 9th federal government crude oil spot auction on September 30, planning to sell approximately 6 million barrels of crude oil, of which about 5 million barrels will come from the Búzios field and about 1 million barrels from the Bacalhau field. A total of 4 lots will be offered, with all cargoes scheduled for shipment between November and December 2026. PPSA has invited 16 companies to participate in the bidding.

The Búzios crude oil is split into 3 lots. The first lot corresponds to the P-74 and P-75 platforms and includes two cargoes of approximately 500,000 barrels each, totaling about 1 million barrels; the second lot comes from the P-76 and P-77 platforms and includes 4 cargoes of approximately 500,000 barrels each, totaling about 2 million barrels; the third lot comes from FPSO Almirante Barroso and FPSO Almirante Tamandaré, with two cargoes of approximately 1 million barrels each, totaling about 2 million barrels. The Bacalhau field separately forms the fourth lot, comprising one cargo of approximately 1 million barrels of crude oil.

According to the volume basis published by PPSA, P-74 and P-75 correspond to two cargoes of approximately 80,000 cubic meters, P-76 and P-77 correspond to 4 cargoes of approximately 80,000 cubic meters, and Almirante Barroso and Almirante Tamandaré correspond to two cargoes of approximately 160,000 cubic meters; Bacalhau corresponds to one cargo of approximately 160,000 cubic meters. All the above cargoes represent the federal government's crude oil entitlements under the production sharing regime.

Bidding will be based on Dated Brent as the price benchmark. Bidding companies must first submit written bids, and PPSA will hold a meeting at 11:00 on September 30 to open the bids in real time; after completing written bids, qualified bidders may also enter the live oral bidding stage. PPSA has simultaneously released the procedural documents and draft contract for the 9th spot auction.

This auction follows PPSA's 8th spot auction. The previous auction held on August 26 was originally planned to sell approximately 13 million barrels of Búzios crude oil and 900,000 barrels of Atapu crude oil, of which TotalEnergies and Petrobras acquired some lots, while the remaining Búzios cargoes were not all sold. PPSA subsequently continued to arrange new spot sales windows.

Bacalhau crude oil has also entered PPSA spot auctions multiple times this year. In the 5th auction, two cargoes of approximately 1 million barrels each of Bacalhau crude oil were purchased by Equinor and PetroChina respectively; in the 6th auction, PetroChina again purchased approximately 1 million barrels; in the 7th auction, ExxonMobil acquired one cargo of approximately 1 million barrels of Bacalhau crude oil, while another cargo was not sold.