Petrobras declines to exercise right of first refusal to 2 pre-salt blocks

Brazil's Petrobras has informed oil and gas watchdog ANP that it has no interest in exercising its right of first refusal to the Rubi and Granada offshore exploration blocks.

As a result, the assets can be included in the areas to be offered in the regulator’s open acreage production sharing program.

Under Brazilian legislation, the federal oil company has the right of first refusal to the blocks that will be auctioned. If it takes up the option, Petrobras becomes the operator, with a minimum stake of 30%. 

According to the ANP, Rubi and Granada have oil potential estimated at a total average risked volume (considering risks and uncertainties) of 2.1Bboe (billion barrels of oil equivalent).   

The studies carried out by the watchdog also point to the existence of effective conditions to support technically and financially viable projects in the region.   

So far, Petrobras has expressed an interest in exercising its right of first refusal for the Jaspe block.

Other production sharing assets included in ANP's open acreage program or under study to be offered are Ágata, Cruzeiro do Sul, Esmeralda, Jade, Turmalina, Amazonita, Ametista, Citrino, Itaimbezinho, Larimar, Mogno, Ônix, Safira Leste and Safira Oeste.

The notice for the next production sharing auction is expected to be published by the ANP by year-end, with the auction scheduled for the beginning of 2025.

Production sharing is the regulatory contracting regime of the areas deemed strategic for the country. They are located within the so-called pre-salt polygon, off Brazil’s southeast coast in the Santos and Campos basins.