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Brazil expects to raise nearly $1 bln in June 2018 pre-salt auction

12 Nov 2017

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Brazil’s government expects to raise around 3 billion reais ($916.98 million) in signing bonuses in an auction of blocks in Brazil’s coveted pre-salt offshore oil region next year, two people familiar with the matter said on Friday, according to a Reuters report.

The fourth pre-salt auction, scheduled for June 2018, includes five blocks in the Santos and Campos basins and will be offered under the production sharing regime.

The sources did not say whether the figure for the June auction assumed that all blocks would be awarded.

In the pre-salt layer, billions of barrels of oil are trapped under thousands of feet of salt beneath the ocean floor.

Brazil’s government raised 6.15 billion reais ($1.88 billion) in signing bonuses for the six blocks it awarded late last month in the second and third pre-salt auctions, which saw aggressive bets by oil majors like Royal Dutch Shell and BP.

However, two blocks went unsold.

Original article link

Source: Reuters

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