Brazil Expects to Raise Nearly $1b in June Pre-salt Auction

Source: Reuters 11/10/2017, Location: South America

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

The fourth pre-salt auction, slated 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.

Brazilís 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.


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