Brazil Auctions 59 Oil Blocks; Shell, TotalEnergies, 3R Among Winners

Wednesday, April 13, 2022

Brazil on Wednesday granted 59 exploratory blocks of oil and natural gas to 13 companies, including Shell, TotalEnergies and 3R Petroleum.

The auction totaled 422.4 million reais ($90.10 million) in signature bonus, registering a premium of 854.84%, according to data from the country's oil regulator ANP.

The areas that were sold are located in six Brazilian states and will result in investments of 406.3 million reais in the exploratory phase of the contract.

Shell Brasil was granted six blocks in the Santos Basin in a consortium with the Colombian Ecopetrol, while TotalEnergies won two areas in the same basin. The Brazilian company 3R Petroleum got six areas in the Potiguar Basin.

In a statement, Shell said Wednesday's auction represented "another milestone" in its focus on Brazil, a country that accounts for about 13% of its global oil and gas production. With the new acquisitions, the company now holds more than 30 oil and gas contracts in the country.

($1 = 4.6880 reais)

(Reuters - Reporting by Leticia Fucuchima; Writing by Peter Frontini; editing by Bernard Orr)

Categories: Energy Deepwater Activity Oil South America

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