Brazil Puts 23 Pre-Salt Oil Blocks on the Block in Rio

Energy

Key Facts

—The offer. Brazil’s oil regulator is offering 23 pre-salt blocks in its next production-sharing round.

—The map. Eight blocks sit in the Campos Basin and thirteen in the Santos Basin, off the southeast coast.

—The clock. Companies had until July 21, 2026 to declare interest, with a public session set for August 6.

—The host. The regulator, the ANP, is based in Rio de Janeiro, Brazil’s oil capital.

—The backdrop. Softer oil prices left two blocks unsold in the previous round in late 2025.

—The stakes. Pre-salt fields supply most of Brazil’s oil and a growing share of exports.

The next Brazil pre-salt oil auction puts 23 offshore blocks up for grabs, run out of Rio de Janeiro. It is a fresh test of how much global appetite remains for Brazil’s deepwater crude.

The blocks sit in the pre-salt polygon, the offshore zone that holds the country’s biggest known oil reserves. Eight lie in the Campos Basin and thirteen in the Santos Basin, both off the southeast coast.

For a reader abroad, the pre-salt is the reason Brazil now ranks among the world’s major oil producers. The crude sits beneath a thick salt layer, thousands of metres below the seabed.

How the Brazil pre-salt oil auction works

This is a production-sharing round, not a simple sale. The winner is not whoever pays the most upfront, but whoever offers the government the largest share of the eventual oil profit.

The system runs on a rolling basis known as the permanent offer. Companies study the geology, declare interest in specific blocks, and the regulator then schedules a session to take bids.

The regulator, called the ANP, is headquartered in Rio de Janeiro. The interests of the state are represented by a separate Rio-based company that later sells the government’s share of the oil.

The timetable is set. The window to declare interest closed on July 21, a public session is due on August 6, and contracts are expected to be signed by early 2027.

Why global oil majors are watching

Brazil’s rounds draw the biggest names in the industry. Petrobras leads at home, but Shell, Equinor, TotalEnergies, BP, Chevron and Chinese state firms all take part.

The appeal is simple economics. Pre-salt crude is light and low in sulphur, and operators have driven costs down to among the most competitive in the deepwater world.

The stakes for Brazil are large. Pre-salt fields already deliver most of the nation’s oil output and underpin a fast-growing export trade, much of it to China.

Each round also renews the pipeline. As mature fields decline, new blocks are what keep production and the government’s future royalty income growing.

The caution signs

The mood is more careful than it was. In the previous round in late 2025, two of the seven blocks on offer drew no bids at all, which the regulator blamed on softer oil prices.

A tax fight has added to the unease. A recent move to tax oil exports, later challenged in court, prompted warnings that shifting rules could scare off international bidders.

Interest in 23 blocks does not guarantee 23 sales. Companies bid selectively, and some areas may again sit on the shelf until prices or terms improve.

Still, the direction is clear enough. Brazil is offering more acreage than in recent rounds, betting that the quality of its pre-salt keeps the world’s oil companies coming back.

The round also lands amid a wider shake-up in how Brazil sells its oil. From next year, bidding is due to move onto the B3 stock exchange, letting firms take part online rather than travelling to Rio.

For the state, the calculation is long-term. Every block awarded now feeds royalties, taxes and the government’s share of oil into public coffers for decades to come.

What is the Brazil pre-salt oil auction?

It is the next cycle of Brazil’s permanent production-sharing offer, in which the oil regulator is putting 23 pre-salt blocks up for bid. Eight are in the Campos Basin and thirteen in the Santos Basin, off the southeast coast.

When does it happen?

Companies had until July 21, 2026 to declare interest in specific blocks. A public session is scheduled for August 6, with contracts expected to be signed by early 2027.

Why does it matter?

Pre-salt fields supply most of Brazil’s oil and a large share of its exports, so new blocks keep production and government revenue growing. The round also tests global appetite at a time of softer oil prices and tax uncertainty.

Frequently Asked Questions

How many blocks are being offered in Brazil's next pre-salt auction, and where are they located?

Brazil's oil regulator, the ANP, is offering 23 pre-salt blocks in its next production-sharing round. Eight blocks are located in the Campos Basin and thirteen in the Santos Basin, both off the southeast coast of Brazil.

How does Brazil's production-sharing auction system determine a winner?

The winner is not whoever pays the most upfront, but whoever offers the government the largest share of the eventual oil profit. The system runs on a rolling basis known as the permanent offer, where companies study the geology, declare interest in specific blocks, and the regulator then schedules a session to take bids.

What was the deadline for companies to declare interest, and when was the public session scheduled?

Companies had until July 21, 2026 to declare interest in the offered blocks. A public session was then set for August 6, hosted by the ANP, which is based in Rio de Janeiro.