Petrobras, Equinor take lead in pre-salt auction

The round, officially called the Permanent Offer of Production Sharing, took place just two days after the government granted an environmental permit for Petrobras to drill an exploratory well in the Amazon River mouth, emphasizing the growing government and industry discourse on the need to replenish oil reserves to ensure long-term energy security.

The auctioned areas—Esmeralda and Ametista in the Santos Basin, and Citrino, Itaimbezinho, and Jaspe in the Campos Basin—yielded R$103.7 million in signature bonuses and are expected to attract R$451.5 million in investments.

Two blocks, Ônix and Larimar, received no bids and will return to the portfolio for the next round, in accordance with the rules of the permanent offer system.

Unlike traditional auctions, the permanent offer allows companies to bid for blocks continuously, without waiting for a new call. Once qualified, oil companies remain eligible to acquire blocks under either the concession or production-sharing models. In this auction, the winning criterion was the highest percentage of profit oil offered to the federal government above the minimum threshold.

ANP Director-General Artur Watt described the permanent offer as a “large showcase” of oil prospects, stressing that the contracts mark “the first step toward sector continuity, job preservation, and reserve replacement.” He praised the auction’s success, emphasizing its importance for securing future investment and revenue streams.

Ilan Arbetman, an analyst at Ativa Investimentos, said Petrobras’s joint acquisition with Equinor of the Jaspe block underscores its strategy to maintain control over key areas of its operational hub in the Campos Basin, leveraging existing infrastructure and technical expertise.

Petrobras’s E&P director Sylvia Anjos called the outcome “very positive,” while Veronica Coelho, CEO of Equinor Brazil, said the new assets add “longevity” to the company’s portfolio.

“We’re adding long-term value to our portfolio while proving we can execute complex, large-scale projects—as we just did with Bacalhau last week,” Ms. Coelho said.

Luiz Fernando Paroli, CEO of Pré-Sal Petróleo S.A. (PPSA), said the results signal strong expectations for Brazil’s upstream potential. Combined with the first oil at Bacalhau, he argued, they indicate continued growth and expansion in national oil production.

The auction’s proximity to the Amazon River mouth’s drilling license further reinforced the government’s message that exploration must continue to guarantee energy security. The new oil province is also known as Equatorial Margin.

ANP Director Symone Araújo highlighted the need to advance into new exploration frontiers, particularly along the Equatorial Margin—a vast area stretching from Amapá to Rio Grande do Norte.“The Amazonas River mouth permit is an important milestone for the environmental area,” Ms. Araújo said.

Mr. Watt added that the first licensing process in new frontiers “is always more complex,” but that such projects become benchmarks for future environmental reviews. He emphasized that oil reserve replacement remains compatible with the energy transition.

ANP directors said the fourth cycle of the permanent production-sharing offer may feature up to 26 blocks, including Ônix and Larimar, areas already approved by the National Energy Policy Council (CNPE), along with new ones under review.

Thiago de Oliveira, a partner at Siqueira Castro Advogados, noted that the next auction may include the Mogno block, the first located beyond the 200-nautical-mile limit, marking a new phase in Brazil’s offshore exploration.