Brazilian oil and gas giant Petrobras has announced that it was the highest bidder for the largest number of blocks offered in the ninth round of bidding held by Brazil's National Petroleum Agency. Of the 271 blocks that were offered in the auction, the company emerged as the top bidder for 27 blocks, either on its own or in partnerships.

The company said that in its technicians’ opinion, it has secured the nine most promising blocks located in the shallow Santos Basin waters. The company was successful in its strategy of completing its exploration portfolio in new frontiers. It was the highest bidder for four blocks in the Para-Maranhao basin, in an area that has already produced high-quality light oil in the past.

The total amount that Petrobras and its partners invested in this round was R$309 million, of which R$195 million was derived from its own resources and R$114 million was derived from partners.

To achieve this positive outcome, the firm said that it signed important agreements. The association with Companhia Vale do Rio Doce, one of Brazil’s biggest corporations, was successful in bidding for blocks both in high-potential areas in the Santos Basin, near the Merluza and Lagosta gas fields, and in new frontier areas in the Para-Maranhao and Parnaiba Basins.