Shell, TotalEnergies, 3R Win Oil Contracts in Brazil’s Auction of 59 oil blocks

Shell, TotalEnergies, 3R Win Oil Contracts in Brazil’s Auction of 59 oil blocks

The Brazilian government granted 59 exploration permits for oil and natural gas fields to 13 companies on Wednesday, among them Shell, TotalEnergies, and 3R Petroleum, Reuters reported.

Brazilian oil regulator ANP reported that the auction generated 422.4 million reais ($90.10 million) in signature bonus, registering a premium of 854.84%.

With the sold areas located in six Brazilian states, the exploration phase of the contract will result in investments worth 406.3 million reais.

Shell Brasil was awarded six blocks in the Santos Basin in a consortium with Colombia’s Ecopetrol, while TotalEnergies won two blocks. 3R Petroleum has acquired six areas in the Potiguar Basin.

Shell currently has more than 30 oil and gas contracts in Brazil as a result of the latest purchases.

The company said in a statement that Wednesday’s auction was “another milestone” in its focus on Brazil, which contributes around 13% of the company’s global oil and gas production.

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