PPSA Sets July 2026 Auction to Sell 106.5 Million Barrels From Six Pre-Salt Fields

Overview

• PPSA said it raised R$30.6 billion for the federal treasury in 2025 through Union oil sales and negotiations involving uncontracted areas.
• The 6th Union oil auction is scheduled for July 29, 2026 at B3 in São Paulo, with a public consultation on the draft notice in March–April and the final notice expected in May.
• The offer totals 106.5 million barrels drawn from Mero, Búzios, Bacalhau, Itapu, Sépia and Atapu, with an indicative split of 64 million from Mero, 21.5 million from Búzios, 13 million from Bacalhau, 4 million from Itapu, and 2 million each from Sépia and Atapu.
• Deliveries are planned from January to December 2027, except for Bacalhau volumes that begin nominations in August 2026.
• A December 4 sale of uncontracted pre-salt shares raised R$8.79 billion with bids on only two lots from a Petrobras–Shell consortium, as the TCU permitted the event but flagged governance gaps and insufficient analysis for anticipating revenues.