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Brazil Opens Doors to New Oil Exploration with 91 Blocks on Offer

Dec 02, 2024 News

Kaieteur News- Brazil has announced the permanent offering of 91 oil blocks across key basins, aiming to attract significant investment and bolster energy security. The Ministry of Mines and Energy revealed that the next auction cycle, slated for 2025, could bring in an estimated 2.4 billion reais ($394 million) in signing bonuses.

The blocks are spread across strategic regions: 39 in Minas Gerais’ São Francisco Basin, 41 and a marginal accumulation field in the Potiguar Basin, and 11 in the coveted pre-salt area. Companies can express interest in these blocks under the permanent offer model, triggering bidding opportunities.

Energy Minister Alexandre Silveira didn’t mince words about the stakes. Brazil’s production expected to hit a peak of 5.3 million barrels per day in 2030–a reality that has Brazil on edge in search of fresh reserves lest they become an oil importer as soon as by 2040.

“This increase in production is essential to guarantee our energy security,” he said, alluding to the importance of staying ahead of the curve. This move is part of Brazil’s push to secure its spot among the world’s top oil producers. Petrobras, the state-controlled oil giant, is already ramping up efforts in the pre-salt region with plans to add 11 platforms by 2027. However, not everyone is thrilled—environmental concerns are bubbling over Petrobras’ ambitions to drill near the Amazon River.

Meanwhile, global oil prices are relatively flat on the day. Brent crude is trading at $73.40 (+0.16%) per barrel, while WTI increased to $69.46 (+1.08%). Brazil was the ninth-largest oil-producing country in the world last year, with an average output of 3 million bpd, growing by 4 percent from 2021. The Brasília government aims to increase this position to fourth in the world by 2030 by producing around 5.4 million bpd, and Petrobras is taking the lead in the industry. (OILPRICE.COM)

(Brazil Opens Doors to New Oil Exploration with 91 Blocks on Offer)

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