Petrobras and Shell, in consortium, were the winners of the auction.
T&B Petroleum/Press Office PPSA
Petrobras and Shell were the winners of the Auction of Uncontracted Areas held on December 4 (last Thursday), by PPSA (Pré-Sal Petróleo) at B3. Acting as a consortium, the companies acquired the Federal Government’s stake in the uncontracted areas of the Shared Reservoirs of Mero and Atapu, located in the pre-salt polygon in the Santos Basin, for a total amount of approximately R$ 8.8 billion.
The companies offered R$ 7.791 billion for the Federal Government’s 3.5% stake in Mero, representing a 1.90% premium over the minimum bid price. The Federal Government’s 0.95% stake in Atapu was acquired for R$ 1 billion, with a 16% premium over the minimum bid price. The Tupi block received no bids.
“Today is a very special day for PPSA and for Brazil. By the end of 2025, we expect total revenue for the Federal Government to reach around R$ 30 billion (which is higher than all PPSA revenue from its creation up to last year combined). The great success of today’s auction not only contributes to this result, but also crowns, once again, the serious work carried out by the entire PPSA team. Ten companies accessed our data room and seven registered for the process, demonstrating strong interest in the auction. The successful outcome shows that we priced these areas fairly,” said Luis Fernando Paroli, PPSA’s CEO.
Paroli also noted that the fact Tupi did not receive bids will not result in losses for the Federal Government, since PPSA will continue to market the government’s share of production from the reservoir.
Renato Dutra, Secretary of Oil and Natural Gas at the Ministry of Mines and Energy, highlighted the innovative structure of this auction, which enabled the Federal Government to monetize its stake, contributing to fiscal consolidation efforts through a model that ensured a technical and competitive process. “This auction offers areas with low exploratory risk and inaugurates a model that will be enhanced going forward,” he added.
ANP’s Director General, Artur Watt, also celebrated the auction results and recalled that the earn-out mechanism established in the bid notice, as a complementary payment, will allow the Federal Government to benefit from future positive variations in oil prices and increased participation in the shared reservoirs.
Representatives from Petrobras and Shell emphasized that the acquisition aligns with the companies’ strategies to increase production and replenish reserves in the coming years.
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