Petrobras, ExxonMobil, Shell, Chevron Among Winners of Brazil Pre-Salt Auction
September 28 2018 - 10:21AM
Dow Jones News
By Luciana Magalhães and Jeffrey T. Lewis
SÃO PAULO--Petróleo Brasileiro SA, Royal Dutch Shell Plc.,
Chevron Corp. and ExxonMobil Corp. were among the winners in the
auction Friday of Brazilian oil fields in the country's rich
pre-salt region.
The government of President Michel Temer auctioned off four
blocs, with the signing bonuses totalling just over 6.8 billion
reais ($1.7 billion). Bids were made by offering a percentage of
profit oil, which is the proportion of gains from the fields that
will go to the government.
The Brazilian units of Shell and Chevron won the Saturno field
with an offer of 70.2% of profit oil. The companies will pay 3.1
billion reais for the field, and each will have 50% of the
consortium.
ExxonMobil Corp.'s Brazilian unit and QPI Brasil won the Titã
field, offering 23.49% of profit oil, and also paying 3.1 billion
reais. ExxonMobil will have 64% of the consortium and QPI Brasil
will have the remainder.
BP Energy, Ecopetrol and CNOOC won the Pau Brasil field, bidding
63.79% of profit oil, and paying 500, million reais. BP will have
50% of the consortium, CNOOC will have 30% and Ecopetrol will have
20%.
Petrobras, as Brazilian oil company Petróleo Brasileiro is
known, offered 10.01% of profit oil to the government, and was the
sole bidder for the bloc.
It was the government's fifth auction of areas in the pre-salt
region off the southeast Brazil coast near São Paulo and Rio de
Janeiro, where studies show as many as 100 billion barrels of crude
are locked under salt layers far beneath the seabed.
Write to Luciana Magalhães at luciana.magalhães@wsj.com and
Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
September 28, 2018 10:06 ET (14:06 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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