CNOOC and Sinopec Jointly Win Bid for Brazilian Oil and Gas Blocks

en.Wedoany.com Reported - The fourth round of the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) permanent production sharing regime bidding was held on October 7. A total of 13 blocks were offered in this bidding round, of which 7 blocks were successfully contracted. The bidding generated a total signing bonus of BRL 530.46 million (approximately RMB 710 million), and the total project investment for the awarded areas amounted to BRL 778.42 million (approximately RMB 1.04 billion).

This bidding round was the one with the most blocks offered in Brazil's pre-salt area bidding. The previous round (the third round in 2025) had only 5 blocks participating in the bidding. The results of this round expanded the exploration area under Brazil's production sharing regime by 58%, reaching 39,200 square kilometers. This round involved 5 blocks in the Campos Basin and 8 blocks in the Santos Basin. A total of 7 blocks were successfully contracted, with winning bids all exceeding the minimum prices stipulated in the bidding documents, as follows:

Magnetita Block, Campos Basin

Winning bidder: Brazilian independent oil and gas company Prio Premium: 132.79%

Hematita Block, Campos Basin

Winning bidder: Brazilian independent oil and gas company Prio Premium: 315.03%

Azurita Block, Campos Basin

Winning bidder: Petróleo Brasileiro S.A. (Petrobras) Premium: 139.81%

Jade Block, Santos Basin

Winning bidder: Consortium composed of China National Offshore Oil Corporation (70%) and China Petrochemical Corporation (30%) Premium: 65.76%

Cruzeiro do Sul Block, Santos Basin

Winning bidder: Petróleo Brasileiro S.A. (Petrobras) Premium: 8.07%

Rubi Block, Santos Basin

Winning bidder: Equinor Premium: 91.72%

Rodocrosita Block, Santos Basin

Winning bidder: Consortium composed of Equinor (70%) and Portuguese integrated energy company Galp (30%) Premium: 494.64% Contract signing is scheduled for February 26, 2027. The other 6 blocks that participated in this bidding round received no bids from companies and will be carried over to the next bidding round. Brazilian authorities also announced that in the coming months, the government is expected to offer more than 50 exploration blocks in the Pelotas Basin off the southern coast. This area is also considered promising due to its geological characteristics similar to oil-producing regions off the coast of Africa.