Brazil on April 13 granted 59 exploratory blocks of oil and natural gas to 13 companies, including Shell, TotalEnergies and 3R Petroleum.
The auction totaled 422.4 million reais ($90.10 million) in signature bonus, registering a premium of 854.84%, according to data from the country's oil regulator, ANP.
The areas that were sold are located in six Brazilian states and will result in investments of 406.3 million reais in the exploratory phase of the contract.
Shell Brasil was granted six blocks in the Santos Basin in a consortium with the Colombian Ecopetrol, while TotalEnergies won two areas in the same basin. The Brazilian company 3R Petroleum got six areas in the Potiguar Basin.
In a statement, Shell said the auction represented "another milestone" in its focus on Brazil, a country that accounts for about 13% of its global oil and gas production. With the new acquisitions, the company now holds more than 30 oil and gas contracts in the country.
Recommended Reading
Aussie Shale’s Tamboran Resources Prices IPO in Range but for Fewer Shares
2024-06-27 - Among those buying the Australian shale-gas developer’s pre-trade shares were U.S. wildcatter Bryan Sheffield and completions pressure-pumper Liberty Energy.
Scott Sheffield Among Investors in Australian Shale Gas IPO
2024-06-27 - The operator who sold Pioneer Natural Resources Co. to Exxon Mobil in May for $59.5 billion joins his son Bryan Sheffield in shale gas investment Down Under.
Steve Gray to Retire from Range Resources’ Board
2024-08-26 - Steve Gray, a member of Range Resources Corp.’s board of directors since 2018, will depart on Oct. 1.
ISS, Glass Lewis Push Crescent, SilverBow Shareholders to Vote for Merger
2024-07-19 - Proxy Advisory firms Institutional Shareholder Services and Glass Lewis also recommend that Crescent Energy shareholders vote for the approval of the issuance of shares on Crescent Class A common stock.
YPF, Petronas Target FID for Argentine LNG Facility in Late 2025
2024-08-16 - Argentina’s long-envisioned LNG export facility is closer to becoming a reality as state-owned YPF SA and Malaysia’s Petronas will look to reach a final investment decision in the second half 2025 on development in Sierra Grande on the country’s Atlantic Coast.