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Brazil's oil auction beats revenue forecast as Petrobras secures major lots
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Brazil's oil auction beats revenue forecast as Petrobras secures major lots
Jun 26, 2025 9:14 AM

SAO PAULO, June 26 (Reuters) - Brazil held a highly

anticipated auction for oil from its pre-salt region on

Thursday, with state-run Petrobras emerging as the

big winner in the sale set to bring in revenues of 28 billion

reais ($5.08 billion).

The amount exceeded initial

government forecasts

of 25 billion reais and should provide a boost to public

coffers as President Luiz Inacio Lula da Silva's administration

seeks to meet its fiscal targets.

The auction was held by state-run firm PPSA, which is

responsible for selling the portion of oil that companies

producing under sharing contracts in pre-salt oilfields must

hand over to the government under Brazilian law.

Petrobras acquired three of the seven lots put up

for sale, securing a total of 36.5 million barrels of oil from

the Mero and Sepia fields.

Equinor ( EQNR ) bought 14 million barrels of oil from

Mero, while a consortium between Galp and ExxonMobil ( XOM )

purchased another 14 million. Petrochina

along with the Mataripe refinery secured 10 million barrels.

"It was our auction with the highest number of participants

and winners, the best prices, and we broke the record for

premium over the lots. It was a great success, without a doubt,"

PPSA head Luis Fernando Paroli told reporters.

He added that PPSA expects to hold auctions for 100 million

barrels of oil next year, potentially generating 37 billion

reais in revenue.

($1 = 5.5117 reais)

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