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Brazil expects to raise $2.7 billion in oil auctions this year


In a statement made Wednesday (May 3) Brazil’s Mines and Energy Minister Fernando Coelho Filho said that the oil auctions to be held in Brazil this year are expected to raise some $2.7 billion from signing bonuses alone. The 2017 and 2018 auctions should draw investments adding up to $ 63.5 billion in the next ten years, the minister said.

While attending an event in Texas, the minister confirmed two auctions are to be held for the exploration of pre-salt oil on October 27. Also confirmed is the 14th round of bidding processes for concessions, slated for September 27. Also, the 4th round for marginal oil and gas fields should take place this month.

During the event, Coelho Filho highlighted the Brazilian government’s efforts to boost the business environment in the sector, with legal security and regulatory stability. He also mentioned the change which has made state-controlled oil-giant Petrobras interest as sole operation in pre-salt oil exploration no longer mandatory, approved by the Brazilian government late in November, 2016.