Brazil sold oil and gas exploration and production rights for 37 blocks, during its 14th bidding round, to 17 companies to raise a sum of R$3.8bn ($1.19bn).

The auction was held by the country’s oil regulator, Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) on 27 September.

As many as 287 blocks were reportedly placed in the auction, with 110 of them being offshore.

The offshore block C-M-346 in the Campos basin turned out to be the biggest money spinner for the Brazilian government after it was bought by a consortium between Petrobras and ExxonMobil Brasil for R$2.24bn ($700m). Both the companies will hold a 50% stake each in the block, where Petrobras will become the operator.

Brazil managed to sell rights for a total area of 25,011km2 made up of blocks spread across 16 sectors of Parnaíba, Potiguar, Santos, Espírito Santo, Recôncavo, Paraná, Sergipe-Alagoas and Campos sedimentary basins.

In total, 20 companies based out of eight different countries took part in the bid. Out of the 17 that had successfully prevailed in the auction, ten are based in Brazil.

ANP Director General Décio Oddone, on the outcome of the auction, said: “A historic day to the oil and gas sector in Brazil. This bidding round marks a new beginning of investments, after the biggest crisis this sector had ever experienced in Brazil.”

The Brazilian government expects the contract signing related to the blocks to occur till 31 January 2018. It also projected investments of R$845m ($264.64m) from the companies during the first phase of the contracts.

ANP stated that it will conduct the second and third pre-salt rounds in late October.

The agency revealed that the second pre-salt round will have four areas with unitizable deposits on offer that are associated with the Gato do Mato and Carcará discoveries, and the Tartaruga Verde and Sapinhoá fields.

The third pre-salt round will see four areas in the Campos and Santos basins in the pre-salt polygon put up for auction. These areas are associated with the Pau Brasil, Peroba, Alto de Cabo Frio-Central and Alto de Cabo Frio-Oeste prospects.

Image: Brazil sold rights for 37 offshore and onshore blocks in its 14th bidding round. Photo: courtesy of num_skyman/Freedigitalphotos.net.