December 02, 2024 [Reuters]- Brazil will put 91 oil blocks into sale permanently, which could bring 2.4 billion reais ($394.11 million) in signing bonuses in the next round of auctions, said the country’s Ministry of Mines and Energy in a Friday statement.

The government will make available 39 blocks in Minas Gerais state’s Sao Francisco Basin, 41 blocks and a marginal accumulation field in the Potiguar Basin in Rio Grande do Norte state, and 11 blocks in Brazil’s so-called pre-salt area.

In the permanent offer business model, companies can express interest in a block, that is then put up for bidding. The blocks will be part of the next auction cycle, scheduled for 2025.

Brazil’s Energy minister Alexandre Silveira advocates increasing production from new exploratory frontiers, so that Brazil does not run the risk of becoming an oil importer from 2040 onwards, as production is expected to decline after a 5.3 million barrels per day peak in 2030.

“This increase in production is essential to guarantee our energy security,” said Silveira in a statement.

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data