Petrobras sits out of latest Brazil bid round

Offshore staff

RIO DE JANEIROPetrobras did not participate in Brazil’s 13th Exploratory Block Bidding Round, organized by the National Petroleum, Natural Gas and Biofuel Agency (ANP).

The company says its decision was based on a technical and economic analysis of the blocks on offer and the current state of its oil and gas reserves.

Petrobras points out that it already has substantial acreage in the sedimentary basins that were offered.

In line with its 2015-2019 Business and Management Plan, the company says it is prioritizing development of its portfolio of exploration and production assets, focusing on capital discipline and profitability.



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