PPSA announces oil and natural gas auctions in Brazil

The Pré-Sal Petróleo (PPSA) has announced its 10th spot auction, offering approximately 4.5 million barrels of oil from the Búzios field. The auction is scheduled for October 28, 2026, with shipments expected throughout December 2026. The offering is divided into five lots involving various platforms, including P-79, P-75, P-77, P-76, and the FPSO Almirante Tamandaré and Almirante Barroso.

In a separate development, the first Union Natural Gas Auction successfully sold all 110 lots. Approximately 44% of the 1.1 million cubic meters per day offered was allocated to the chemical, petrochemical, and nitrogen fertilizer sectors. This allocation follows a three-year effort by the Brazilian Chemical Industry Association (Abiquim) to secure competitive gas prices.

The average commercialization price in the gas auction was US$ 5.16 per million BTU, significantly lower than the current market rate of approximately US$ 10 per million BTU. These initiatives are part of the federal government's 'Gas for Employment' program, aimed at reducing gas reinjection in wells and prioritizing strategic industrial sectors.