The Ministry of Mines and Energy (MME) authorized, this Thursday (October 9), the publication of the notice and related documents for the first Non-Contracted Areas Auction, which had been approved by the National Energy Policy Council (CNPE) last week. The notice, published by Pré-Sal Petróleo S.A. (PPSA), a state-owned company under the MME, establishes the rules for the sale of the Federal Government’s rights and obligations arising from Production Individualization Agreements (AIPs) related to the shared reservoirs of Mero, Tupi, and Atapu. 

“This auction represents a milestone in the management of Brazil’s pre-salt resources. We are ensuring that the Federal Government’s assets are managed with efficiency, transparency, and responsibility, for the benefit of society as a whole. The MME reinforces its strategic role in leading policies that strengthen the country’s energy sovereignty and continue to bring real benefits to Brazilians through these resources,” said Alexandre Silveira, Minister of Mines and Energy.

According to Luis Fernando Paroli, PPSA’s CEO, the auction will offer world-class assets to investors. “We are selling stakes in the largest pre-salt reservoirs — among the most productive petroleum provinces in the world — with potential to increase the Federal Government’s participation in the non-contracted portions of the Mero and Atapu fields,” he said.

PPSA will hold the auction on December 4, 2025, at B3, in São Paulo. The Federal Government’s stakes to be auctioned represent significant volumes in high-productivity pre-salt fields. The offered participation percentages are 3.5% in Mero, 0.551% in Tupi, and 0.950% in Atapu, with a total minimum value of BRL 10.2 billion.

The draft notice was available for public consultation from August 21 to September 10, during which PPSA received 54 questions and 209 recommendations. The responses and final notice are available on PPSA’s website. The auction is open to legal entities, Brazilian or foreign, individually or in consortium, as well as Private Equity Investment Funds (FIPs).

According to the rules, the public session will be divided into three lots — Mero, Tupi, and Atapu. Bidders must submit qualification documents by November 10, and submit their offers by December 3 at 9:59 p.m. The process includes the opening and ranking of proposals, with the possibility of live bidding.

Contracts with the winning companies are expected to be signed by March 4, 2026.

Minimum and Additional Values

The notice set the following minimum bid amounts for each lot:

• Mero – BRL 7,646,556,900.00

• Tupi – BRL 1,692,050,700.00

• Atapu – BRL 863,324,700.00

In addition to the bid price, the winning bidder will be subject to extraordinary contingent payments (earn-outs) to the Federal Government:

a) Contingent Brent Payment: Due whenever the annual average price of Brent crude oil for a given calendar year exceeds USD 55.00 per barrel.
b) Contingent Redetermination Payment: Due whenever a redetermination results in an increase in the contractual participation percentage, based on the additional share obtained by the concessionaire as a result of that redetermination.

For more information, visit the official auction website: https://www.presalpetroleo.gov.br/leilao-de-areas-nao-contratadas/