Brazil reaps reforms rewards
Efforts to recalibrate oil concession rules to be more market-friendly and open to foreign investment are starting to bear fruit
A record-breaking offshore auction in Brazil last week that attracted $2.4bn in pledges underlined progress the country's oil sector has made since a regulatory overhaul was launched to repair its international image. The bidding round on 29 March drew in the largest revenues in the country's history, with 13 companies from 11 countries taking part in the offshore round alone. ExxonMobil, along with Petrobras and Qatar Petroleum, spent $844m on a single block in the Campos basin, while Chevron, Repsol, Shell, BP and Statoil (soon to become Equinor) all spent big on others. "The auction surpassed all expectations. We had diversity of operators, geographical diversity and extraordinary bonuses
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
