Energy: Brazil
Key Facts
—Who. Brazil’s National Petroleum Agency (ANP) and six winning firms: Petrobras, Prio, Equinor, CNOOC, Sinopec and Galp.
—What. Seven of 13 offshore pre-salt oil blocks drew winning bids, raising R$530.5 million (about US$105.7 million) in signing bonuses.
—Where. The Campos and Santos basins, offshore south-east Brazil.
—When. Wednesday 7 October 2026, at the ANP’s fourth production-sharing auction cycle.
—US link. No US company won a block. Petrobras, which won two, trades in New York as American depositary receipts (ADRs).
—As of. 7 October 2026, 23:00 GMT. Conversions use 5.02 reais per US dollar (EODHD, 7 October).
Brazil sold seven of 13 offshore pre-salt oil blocks on Wednesday 7 October 2026 and raised R$530.5 million (about US$105.7 million) in signing bonuses. Petrobras won two of them, while Prio, Equinor and a CNOOC and Sinopec pair took the rest, so no US company is on the winners’ list.
What We Know
The National Petroleum Agency (ANP) held the fourth cycle of its permanent production-sharing offer on Wednesday 7 October 2026. Seven of the 13 blocks on offer drew winning bids, and six did not.
Petrobras won Azurita in the Campos Basin and Cruzeiro do Sul in the Santos Basin, with 100% of each. Prio took Magnetita and Hematita, both in the Campos Basin, also with 100%.
Equinor won Rubi outright and 70% of Rodocrosita, where Portugal’s Galp holds the other 30%. China’s CNOOC took 70% of Jade, with Sinopec holding 30%.
How the Auction Works
This was a production-sharing auction, not a classic concession. The contest is over how much profit oil a bidder offers the Union, meaning the federal government.
The Union’s share ranged from 7.18% at Hematita to 32.80% at Magnetita. Petrobras offered 30.00% at Azurita and 15.27% at Cruzeiro do Sul.
The Union’s share was 18.20% at Jade, 25.02% at Rubi and 15.52% at Rodocrosita. Those figures are the percentage of profit oil, the oil left after costs, that the winners promised the government.
Bidders offered on average 108.38% more than the minimum share the agency had set, a measure known as the premium. The highest premium was 494.64%, at Rodocrosita.
Only one company bid for each of the seven blocks sold, according to Brazilian press reports, so none was contested. The premium therefore reflects bids made without a rival.
Who the Winners Are
Prio is a Brazilian independent oil producer that already runs fields in the Campos Basin. Equinor is Norway’s state-controlled energy group, and Galp is Portugal’s main oil and gas company.
CNOOC and Sinopec are both Chinese oil companies, and Jade was the only block they won. Petrobras is Brazil’s state-controlled oil company, and both of its wins came with no partners.
Why Pre-Salt Oil Matters
Pre-salt oil lies under a thick layer of salt beneath the Atlantic seabed off Brazil’s south-east coast. The Campos and Santos basins, where all 13 blocks sit, are the heart of that region.
Under production-sharing contracts, the federal government keeps a share of the oil that is produced. The ANP runs the auctions, and the state company PPSA looks after the government’s interest in the contracts.
The Money and the Map
The signing bonuses add up to R$530.5 million (about US$105.7 million at 5.02 reais per dollar). The winners also committed at least R$778.4 million (about US$155 million) to exploration work in the first phase.
The sale lifts the number of blocks under production sharing from 13 to 22. The exploration area under this regime grows 58%, from 24,800 to 39,200 square kilometres.
Six blocks drew no winning bid: Turmalina and Larimar in the Campos Basin, and Aragonita, Opala, Granada and Cerussita in the Santos Basin. Together they make up nearly half of the 13 offered.
Contract signing is scheduled through 26 February 2027. The signing bonuses are due by 30 December 2026, according to BPMoney.
What Is Not Known
The ANP release does not say why six blocks drew no winning bid. Reports say they go forward to the next round, with no date given.
Neither the ANP release nor the winners say whether the companies holding 100% of a block will bring in partners. That choice matters because deep-water exploration wells are costly.
The winners have not published drilling timetables or budgets beyond the minimum commitments. The contracts are not yet signed, and the signing window runs to 26 February 2027.
What It Means for US Readers and Investors
Petrobras shares trade in New York as American depositary receipts (ADRs), and the company added two blocks with 100% stakes. These are exploration areas, not producing fields, so they do not change its output soon.
Our report on Petrobras pre-salt output sets out the scale of the fields it already runs. The new blocks are a longer-term addition to that base.
No US company won a block in this cycle. The winners are from Brazil, Norway, China and Portugal, which tells US readers that foreign appetite for Brazilian exploration is coming from outside the United States this time.
The first sign to watch is the set of drilling plans the winners file after they sign. A thin result, with six of 13 blocks unsold, also shows that bidders remain selective on price.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
What did Brazil sell on 7 October 2026?
Brazil sold seven of 13 offshore pre-salt oil blocks, raising R$530.5 million (about US$105.7 million) in signing bonuses, according to the ANP.
Who won the blocks?
Petrobras won two blocks, Prio won two, Equinor won two (one with Galp holding 30%), and CNOOC with Sinopec won one, the Jade block.
Did a US company win any block?
No US company is among the winners listed by the ANP. Petrobras, which won two blocks, trades in New York through American depositary receipts.
What happens next?
The signing bonuses are due by 30 December 2026, according to BPMoney, and contract signing is scheduled through 26 February 2027.
Sources
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief