Fourteen companies have been officially approved by Brazilian authorities to participate in an oil bidding round in November, in which total signing bonuses are expected to be the biggest so far, exceeding $25 billion, national oil regulator ANP said on Sept 30.
As widely expected, the companies participating include a broad swath of global oil majors.
In addition to Brazilian state-run oil firm Petrobras, authorities have approved the Brazilian units of BP Plc; Chevron Corp.; China National Oil and Gas Exploration and Development Co., a unit of China National Petroleum Corp.; China National Offshore Oil Corp.; Ecopetrol SA; Equinor ASA; and Exxon Mobil Corp.
The list also includes Galp Energia SGPS SA, Petronas Dagangan Berhad, Qatar Petroleum, Royal Dutch Shell Plc, Total SA and Wintershall Dea GmbH.
The so-called transfer-of-rights auction is scheduled for Nov. 6 and concerns a zone of Brazil’s southeastern coast. Petrobras has already done significant exploratory work in the zone, boosting the area’s value, as they are largely devoid of exploratory risk.
Another offshore oil bidding round—much smaller but still sizeable by historical standards—will be held in Brazil the following day.
Unlike fine wine, inactive oil and gas wells don’t get better with age.
The power industry supports the goal but is expressing concerns that it can meet its deadlines.
Heat-trapping carbon emissions dropped by 6.3% last year, the biggest fall since the Second World War, BP's annual energy review said.