State-run energy giant Petrobras will exercise its legal right to “first preference” at a pair of oil block auctions in October, Energy Minister Fernando Coelho said Tuesday. The government will offer exploration rights to eight oil and gas development blocks in October within the so-called pre-salt region. Coelho said the state-run company will exercise its right to first preference in some but not all of the blocks on offer. Under current laws, Petrobras enjoys first preference in the pre-salt region but has no preference over other bidders in other regions. At a separate auction later this year the government will offer dozens of oil and gas blocks in other regions. Domestic and international bidders are welcome to participate in the auctions.
Link to Folha news agency release