Global oil majors line up for Brazil’s next pre-salt auction

A crowded field for offshore Brazil

Brazil has approved 19 oil companies to participate in its next auction of pre-salt exploration and production areas, setting up another important test of international interest in the country’s deepwater reserves.

The list, published by the National Agency for Petroleum, Natural Gas and Biofuels, known as ANP, includes Spain’s Repsol, Colombia’s Ecopetrol, Brazil’s Petrobras, Britain’s BP, the United States group Chevron, Shell, France’s TotalEnergies, Norway’s Equinor, Portugal’s Galp Energia and Petrogal, China’s CNOOC and Sinopec, Australia’s Karoon, Kuwait’s Kufpec, Malaysia’s Petronas and QatarEnergy.

Repsol appears twice in the qualification process, both on its own and through Repsol Sinopec Brasil, its Brazilian venture with China’s Sinopec. The Brazilian names on the list include Petrobras, the dominant operator in the pre-salt province, as well as 3R Petroleum Offshore and PRIO.

The ANP released the approved list after publication in Brazil’s Official Gazette. The regulator stressed, however, that being cleared is not the same as committing to bid. Companies still need to confirm their participation and lodge the required guarantees by July 21. They may do so individually or as part of consortia.

What is on the table

The auction is the fourth cycle of Brazil’s Permanent Offer of Production Sharing, a system used for pre-salt areas. The public bidding session is scheduled for October 7. On the same date, the ANP also plans to hold a separate concessions round covering other areas.

Under production sharing contracts, companies explore and produce oil in partnership with the Brazilian state. In return, the government receives a portion of the oil produced, rather than relying only on royalties and taxes. This model is central to the country’s approach to the pre-salt, a vast offshore geological formation found below a thick salt layer in ultra-deep waters off Brazil’s Atlantic coast.

The pre-salt has transformed Brazil’s oil profile over the past two decades. It contains the country’s largest discoveries in recent history and has become the main engine behind growth in national crude output. For investors, the region offers scale, but also technical complexity, high capital requirements and close regulatory oversight.

The October process may include as many as 23 exploratory blocks in the Campos and Santos basins, two of Brazil’s most important offshore oil provinces. The final menu will be narrower. The ANP said it will announce on August 6 which of the blocks attracted formal expressions of interest and will therefore be offered at the public session.

Four companies are new additions to this cycle’s qualified group: Galp Energia Brasil, Kufpec E&P Brasil, Repsol Exploração Brasil and Repsol Sinopec Brasil. The other 15 were already approved in earlier stages of the Permanent Offer framework.

Why this auction matters for investors

Brazil has increasingly relied on the Permanent Offer system as its main channel for making oil and gas acreage available to the market. Instead of waiting for occasional licensing rounds, companies can signal interest in areas from a standing portfolio, after which the regulator organizes a public bidding session.

That structure matters because Brazil is trying to consolidate its position as a major global supplier. The country aims to be among the world’s five largest oil exporters by the end of the decade, a goal tied closely to continued pre-salt expansion.

The list of approved companies shows that Brazil remains on the radar of major energy groups from Europe, the Americas, Asia and the Middle East. It also reflects the strategic role of Petrobras. While international firms bring capital and technical expertise, Petrobras remains the central player in much of the pre-salt, with long operational experience and a large existing footprint.

The next key date is July 21, when the market will learn which qualified companies are prepared to move beyond eligibility and submit the guarantees needed to compete. August 6 will then clarify which blocks have enough interest to proceed. The October 7 auction will show how aggressively oil companies are willing to pursue new Brazilian offshore acreage in a market shaped by energy security concerns, capital discipline and long-term demand uncertainty.

Connect with Brazil Business Club

For companies and investors assessing Brazil’s energy sector, the pre-salt remains one of the country’s most consequential business stories. Brazil Business Club connects international decision makers with local context, sector insight and trusted relationships. If you are exploring investment, partnerships or market entry in Brazil, connect with the club to better understand where the next opportunities are taking shape.