Petrobras, Equinor Among Winners in Brazil Latest Offshore Auction
October 8, 2026
Brazil has awarded seven offshore exploration blocks in its fourth Permanent Production Sharing Offer Cycle, the highest number awarded in a single production-sharing round since the launch of the Permanent Offer system, oil regulator ANP said.
The auction awarded seven of the 13 blocks offered in the country's Pre-Salt Polygon, including three in the Campos Basin and four in the Santos Basin.
In the Campos Basin, Prio Forte was awarded the Magnetita and Hematita blocks with 100% interests, while Petrobras secured the Azurita block with a 100% operating interest.
In the Santos Basin, Petrobras was awarded the Cruzeiro do Sul block with a 100% interest, while CNOOC Petroleum secured the Jade block as operator with a 70% stake alongside Sinopec with 30%.
Equinor Brasil was awarded the Rubi block and will also operate Rodocrosita with a 70% interest, alongside Galp Energia Brasil, which holds the remaining 30% share.
All seven blocks attracted bids offering the Brazilian government a share of profit oil above the minimum required under the auction terms.
Six companies participated in the auction, and all six secured interests in blocks.
Following the round, the number of exploration blocks under Brazil's production-sharing regime will increase from 13 to 22, while the exploration area covered by the regime will expand by 58%, from 24,800 square kilometers to 39,200 square kilometers.
Under Brazil's production-sharing system, companies compete by offering the government a percentage of profit oil above a specified minimum, rather than bidding higher signature bonuses, which are fixed in advance.
The winning companies and consortia must complete the remaining qualification procedures, submit documentation and pay the signature bonuses before contracts can be signed.
The auction results were revealed and October 7, while contract signing is expected by February 26, 2027.
