One Energy News

Tag: PPSA

  • Equinor secures first Union oil cargo from Bacalhau

    Equinor secures first Union oil cargo from Bacalhau


    Equinor won PPSA’s 5th Spot Oil Auction, securing the first 1 million-barrel cargo of crude oil belonging to the Union from the Bacalhau field, in pre-salt Santos Basin. The cargo is scheduled for loading in late March 2026, marking the start of commercialization of the Union’s oil from the asset.

    As reported yesterday, the auction gathered five qualified bidders — Equinor, ExxonMobil, Galp, Petrobras and PetroChina — underscoring strong interest from global majors in Brazil’s pre-salt crude. The sale follows the start-up of Bacalhau, which began production on October 15, 2025.

    According to PPSA (Pré-Sal Petróleo S/A), a new spot auction is already planned for March, covering additional Union oil cargoes from Bacalhau, reinforcing the transition of the field from initial production to a regular commercialization phase. Under the current cycle, three to four Union cargoes are expected, with further liftings scheduled between May and September 2026.

    Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.

  • PPSA holds 5th Spot Oil Auction as Global Majors Compete for First Bacalhau Cargo

    PPSA holds 5th Spot Oil Auction as Global Majors Compete for First Bacalhau Cargo

    On January 14, PPSA (Pré-Sal Petróleo S.A.) is conducting the 5th Spot Oil Auction for crude oil produced at the Bacalhau field, marking the start of commercialization of the Union’s oil from this asset. The field entered production on October 15, 2025, and the auction had its schedule revised from an original December 2025 date to January 2026.

    Five companies — Equinor, ExxonMobil, Galp, Petrobras and PetroChina — have been qualified to participate in the virtual bidding for the first cargo of 1 million barrels of oil from Bacalhau that belongs to the Union. The shipment of the cargo is expected in late March 2026 under the terms of the spot sale.

    This initial cargo is the first of three to four total cargoes to be offered under the 5th Spot Auction, with additional shipments planned between May and September 2026. The spot format reflects PPSA’s ongoing strategy to commercialize volumes on a flexible, market-responsive basis, with pricing typically referenced to dated Brent.

    The Bacalhau field, located in the pre-salt Santos Basin at depths exceeding 2,000 meters, holds recoverable reserves exceeding 1 billion barrels of oil equivalent, according to industry estimates. The development is operated by Equinor in partnership with ExxonMobil Brasil and Petrogal Brasil (a joint venture of Galp and Sinopec), with PPSA managing the Union’s contractual interests under production sharing arrangements.

    From an offshore market perspective, the 5th Spot Auction signals the transition of Bacalhau from early-stage production to active commercialization, drawing participation from global integrated majors and reinforcing Brazil’s role as a supplier in global crude markets. The outcome of today’s bidding will set a price and counterparties for the first shipment and establish a commercial benchmark for subsequent volumes in 2026.

    Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.

  • Tupi/Iracema back at 1 million bpd

    Tupi/Iracema back at 1 million bpd

    On January 9, the Tupi/Iracema field, located in pre-salt Santos Basin, resumed production of 1 million barrels of oil per day, a level last achieved in 2019. The milestone confirms recovery of one of Brazil’s most strategic offshore assets and reflects execution of Petrobras’ medium-term production strategy.

    The result aligns with Petrobras’ 2026–2030 Business Plan, which prioritizes higher output through efficiency gains, improved reservoir management, and optimization of existing infrastructure rather than accelerated capacity additions. During 2025, Petrobras connected 11 new wells to Tupi/Iracema, bringing total drilled wells in the field to more than 150, supporting stabilization of plateau production.

    Petrobras has also indicated ongoing technical and economic assessments covering additional well drilling, life extension of existing production units, and the potential installation of a new production unit from 2031 onward, subject to partner alignment and regulatory approvals. These measures aim to sustain long-term output while preserving capital discipline.

    The performance reinforces competitiveness of Brazil’s pre-salt, which currently accounts for around 80% of Petrobras’ total production, and highlights continued relevance of mature, large-scale fields when supported by subsea interventions and reservoir optimization. Tupi/Iracema is operated by Petrobras, in partnership with Shell, Galp, and PPSA.

    From an offshore market perspective, the recovery of 1 million bpd at Tupi/Iracema signals sustained demand for subsea services, well interventions, and life-extension solutions in the Santos Basin, even as new frontier developments advance. How do you see this influencing offshore contracting and asset utilization over the next cycle?

    Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.

  • Union Oil Auction Set for July 2026

    Union Oil Auction Set for July 2026

     PPSA confirmed it will market 106.5 million barrels of Union-owned oil at the 6th Union Oil Auction, scheduled for 29 July 2026 at B3 in São Paulo. Volumes include 64 million barrels from Mero and 21.5 million from Búzios, alongside additional batches from Bacalhau, Itapu, Sépia and Atapu. Liftings are planned throughout 2027, except Bacalhau, which begins in August 2026. The announcement was made during the PPSA Technical Forum 2025 in Rio.

  • Solstad Secures New Contracts in Brazil and the North Sea

    Solstad Secures New Contracts in Brazil and the North Sea

    Solstad Maritime announced new contracts for Normand Navigator, Normand Cutter and Normand Jarstein, covering a firm period of 175 days + 150 optional days, beginning between December 2025 and January 2026. Combined contract value is approximately USD 25 million. Navigator and Cutter will conduct ROV and survey operations in Brazil, while Jarstein will operate in the North Sea.

  • PPSA auction

    PPSA auction

    The National Energy Policy Council (CNPE) has approved a resolution authorizing Pré-Sal Petróleo (PPSA) to conduct Brazil’s first auction for the sale of the Union’s rights and obligations under Production Individualization Agreements (AIPs). The process covers uncontracted areas of the Mero, Atapu, and Tupi shared reservoirs, all operated by Petrobras.

    The unprecedented measure establishes the technical and economic parameters for the bidding process, including the minimum price to be observed by PPSA. The auction is expected to raise R$ 14.8 billion for the Union, a figure already included in the government’s revenue projections.

    PPSA is expected to publish a public notice detailing the minimum bid amounts and other conditions. The auction winner will assume the Union’s rights and obligations in line with existing contracts, including requirements for decommissioning, environmental recovery and operational continuity.

    Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.