Successful Pre-Salt Auctions Put Brazil’s Oil & Gas Sector on Promising Path

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The October 27th pre-salt auctions in Brazil were a resounding success, according to industry experts and investors around the world. ExxonMobil, Statoil, Shell, Total SA, and BP were among those vying for a share in the eight blocks on offer; six blocs were ultimately sold, with Brazil’s National Petroleum, Natural Gas, and Biofuels Agency (ANP) raising $1.9 billion in signing bonuses. The active participation of the major international oil companies marked a significant change from their lukewarm interest in the initial pre-salt auction in 2015, reflecting regulatory changes introduced over the last year to open up the pre-salt to foreign investment. The next auction, scheduled for June 2018, is expected to extend the positive trend and help Brazil develop the oil and gas sector under a competitive, market-oriented model, reinforcing the nation’s capacity to confront  fiscal and structural challenges.

The Director-General of ANP, Decio Fabrício Oddone da Costa, will discuss the objectives of Brazil’s new regulatory framework for the oil & gas policy. An electrical engineer and veteran career manager at Petrobras, Oddone said earlier this month that the country forfeited hundreds of billions of dollars in investments and tax income by delaying the pre-salt auctions. He also predicted that the recent auctions would put the state of São Paulo on the map in terms of the oil and gas sector in Brazil, while confirming Rio de Janeiro’s position as capital of an industry that produces 2.5 billion barrels a day—and growing. According to official sources, Brazil plans to boost oil exploration and production rapidly to capitalize on its reserves before the world fully enters the “renewable era.”


**Ambassador Anthony Harrington, Chairman, Brazil Institute Advisory Board

**Decio Fabrício Oddone da Costa, Director-General of Brazil’s National Petroleum, Natural Gas, and Biofuels Agency (ANP)

**Paulo Sotero, Director, Brazil Institute


Woodrow Wilson Center
1300 Pennsylvania Avenue, NW 6th Floor
Washington DC 20004

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