Petrobras stays out of licensing round

Brazil

RIO DE JANEIRO , October 8, 2015 – Brazil’s thirteenth oil and gas licensing round has, for the first time, failed to attract majority state-owned Petrobras, as the national oil company struggles to reduce its debt load amid depressed oil prices.

Wednesday’s auction was the country’s first in two years, with Brazil’s National Petroleum Agency offering 266 exploration blocks, both onshore and offshore. Only 37 of the assets received successful bids, with 17 companies winning licences.

Aside from Petrobras, international majors operating in the county including Shell, Total and state-owned China National Offshore Oil Corporation were among those that did not participate.

Brazilian construction company QGEP Participacoes was the only company to bid for an offshore asset in the round, winning two deepwater blocks off the coast of Alagoas.

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