Pre-salt: 7 blocks awarded in largest cycle of Permanent Production Sharing Offer

Brazil's oil and gas sector has gained new areas for pre-sal exploration. In the 4th Cycle of the Permanent Production-Sharing Offer (OPP), held this Wednesday (7th) in Rio de Janeiro, seven of the 13 blocks offered were awarded, the largest number of areas contracted since the modality began.

The result establishes a new dimension for exploration under the production-sharing regime in the country. The seven blocks are expected to generate R$ 530.47 million in signature bonuses, while the minimum investments foreseen for the first phase of the contracts, corresponding to exploration, reach R$ 778.43 million.

Petrobras, Prio and Equinor among the winners

The bidding distributed the blocks among Brazilian and foreign companies.

In the Campos Basin, Prio Forte secured the blocks Magnetita and Hematita, while Petrobras won Azurita.

In the Santos Basin, Petrobras awarded Cruzeiro do Sul. The block Jade went to a consortium formed by CNOOC Petroleum, with 70%, and Sinopec, with 30%. Equinor won Rubi and also won Rodocrosita in partnership with Galp Energia Brasil.

One of the main highlights was the performance of bids for surplus oil allocated to the Union. All seven blocks received percentages higher than the minimums established in the tender, with an average premium of 108.38%.

The highest percentage was recorded in the Rodocrosita block, with 494.64% premium.

Exploration area grows 58%

With the new contracts, the number of exploratory blocks under the production-sharing regime increases from 13 to 22. The exploration area covered by the regime also increases from 24.8 thousand km² to 39.2 thousand km², an expansion of approximately 58%.

The result surpasses the performance of the previous cycle. In 2025, the 3rd Cycle of the Permanent Production-Sharing Offer had recorded five blocks awarded.

No direct competition between companies

Despite the volume of areas contracted, the tender had a particular characteristic: there was no direct competition between companies for the blocks. Each awarded area received a single proposal, which ended up being the winning one.

Still, the percentages offered for surplus oil significantly raised the Union's potential gains over future production.

Under the production-sharing regime, companies are entitled to the share necessary to recover the costs of the activity, while the surplus oil is divided between the companies and the Union. The percentage allocated to the government is precisely the main criterion for determining the winners in the auction.

Next steps

The winning companies and consortiums still need to comply with the administrative steps provided for in the process, including submission of documentation and payment of signature bonuses.

According to ANP's schedule, contracts are expected to be signed by February 26, 2027.

The result reinforces the position of Brazil's pre-sal as one of the main frontiers for investment in oil exploration and production, while expanding the participation of the production-sharing regime in the strategy for developing national reserves.

Results of the 4th OPP Cycle

Source: ANP.