In a recent direct sales process conducted by Pré-Sal Petróleo (PPSA), the Chinese oil giant CNOOC emerged as the victor, securing 500 thousand barrels of oil.
This marks the third Union cargo sold under the production sharing contract for the Sépia Block, located in the Campos Sedimentary Basin off the coast of Rio de Janeiro.
Under the sharing regime governing pre-salt fields, a portion of the extracted oil is allocated to the Union.
With the passage of Law 13,679 in 2018, PPSA gained authorization to directly sell this oil, eliminating the need for state-owned companies to engage marketing agents.
Prior to this latest auction, two other cargoes from the Sépia Block were successfully negotiated in August 2022 and July 2023, with Galp Energia Brasil and Petrobras emerging as the respective winners.
Notably, this represents CNOOC’s first acquisition of a cargo from the Union, underscoring the company’s growing presence and interest in Brazil’s pre-salt sector.
The auction attracted participation from all major players in the Brazilian pre-salt landscape, including Prio (formerly Petro Rio) and the Mataripe Refinery, resulting in a total of five proposals.
CNOOC outbid competitors such as Galp, Petrobras, Refinaria de Mataripe, and Equinor to clinch the deal.
