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Additional 117 blocks in Brazil’s upcoming oil and gas auction

24th January 2013

Brasília brings total of oil and gas blocks to be auctioned in May to 289 to spur exploration activities

Additional 117 blocks in Brazil’s upcoming oil and gas auction
The 11th round, the first since 2008, was approved at the beginning of the month, with an initial 172 blocks. The latest addition brings the total number of blocks to 289

The Brazilian mines and energy ministry on Wednesday announced the inclusion of an additional 117 oil and gas blocks to the much-anticipated 11th round of new exploration concessions to be held on 14 and 15 May. Dilma Rousseff herself requested the addition to stimulate oil exploration in certain regions of the country.

 

The 11th round, the first since 2008, was approved at the beginning of the month, with an initial 172 blocks. The latest addition brings the total number of blocks to 289.

 

Oil and gas secretary from the mines and energy ministry Marco Antonio Martins has estimated revenues from the upcoming concession between BRL 1bn and BRL 2bn, but admits they could be as much as BRL 10bn, which equals USD 5bn approximately.

 

Of the additional 117 blocks requested by president Dilma, 36 are located in the continental basins of Tucano-sul and Bahia. A further 16 are in post-salt deep waters in the Espírito Santo and Pernambuco-Paraíba basins, while 65 are located in shallow and deep waters in the Amazonas river.