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Brazil awaits contentious Equatorial Margin call
Political rancour is rising as politicians appeal for environmental licence to explore the mouth of the Amazon
Brazil seeks greater oil market influence
Despite environmental criticism, President Lula sees opportunity to build bridges with OPEC+ allies
Brazilian upstream enjoys bumper year
Soaring pre-salt production sees Latin America’s largest country pull away from the local competition
Optimism despite setbacks in NL offshore
The province’s government remains positive about the future of its offshore industry despite recent difficulties
Global offshore market is on the upswing
Contractors set for multi-year recovery amid continually improving economics and efficiencies
Rise of Brics challenges oil world order
The five economies are shaking up global markets, and they could be on the cusp of a major break from the existing order
Gabon’s production set for further expansion
But significant discoveries are likely needed to prevent output from sliding again later this decade
Petrobras faces another period of uncertainty
Investors are wary about government intervention as the NOC welcomes its latest CEO
Indonesia greenlights more projects
Jakarta is seeking to accelerate upstream developments and encourage more foreign investment
Brazilian indies enter rapid production growth phase
M&A activity may have slowed in recent months, but turbocharging production is the new goal for the country’s emerging independents
Registered companies largely exited stage left
Brazil Offshore
Charles Waine
11 October 2021
Follow @PetroleumEcon
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Brazil suffers acreage sale setback

Bidding round deemed a disappointment after most operators steer clear

The bruising economic and financial toll of the pandemic may have started to ease, but licensing rounds are still feeling the effects. Brazil’s latest offshore offering—the 17th bidding round—failed to attract more than two bidders, raising just BRL$37mn ($6.7mn) from five blocks. Four basins were available to the nine registered companies: Chevron, Shell, TotalEnergies, Brazilian NOC Petrobras, Colombian state firm Ecopetrol, US independent Murphy Oil, Australian firm Karoon, Germany’s Wintershall and Brazilian independent 3R Petroleum. But despite this varied slate of IOCs and NOCs, only the pre-salt Santos basin attracted winning bids. Shell took a stake in five blocks, one in consortium

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