Brazil’s National Petroleum Agency (ANP) on Thursday released its tender for the fourth auction of oil and gas development rights in the pre-salt region. The auction will offer four major production blocks, all of them in either the Campos Basin or the Santos Basin. The blocks will be auctioned off based on a production-sharing model by which bidders will pledge a percentage of output to the government. In three of the blocks, state-run oil company Petrobras will have the right to at least a 30% stake in any winning consortium. The 30% stake will assure Petrobras’ role as lead operator of the block. The auction will take place on June 7 in Rio de Janeiro. The pre-salt region is rich in high-grade crude oil located below the seabed in ultra-deep waters.
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