The recent spot auction for oil from the Bacalhau field in the Santos Basin marks a critical step in commercializing production from this emerging pre-salt asset. Further auctions scheduled for 2026 will continue to unlock significant volumes, involving major international and domestic oil companies. The ongoing robust interest in Brazil’s pre-salt fields under the production-sharing regime signals sustained market confidence and substantial revenue prospects for the federal treasury.
The first spot auction managed by Pré-Sal Petróleo S.A. (PPSA) for one million barrels of oil from the Bacalhau pre-salt field concluded on January 14, 2026, with Equinor emerging as the winning bidder. The cargo is set for shipment at the end of March 2026. Bacalhau, located in the Santos Basin offshore Brazil, commenced commercial production in October 2025 and operates under a production-sharing contract (PSC) where the federal government retains ownership of the oil and contracts with operators for exploration and production activities. Equinor, ExxonMobil, Galp, Petrobras, and PetroChina were the five companies qualified to participate, reflecting strong multinational engagement. Additional spot auctions are planned for March 11, 2026, offering two to three more one-million-barrel lots with expected delivery between May and September 2026.
This spot sale follows PPSA’s record sale of 74.5 million barrels in June 2025 from multiple fields including Mero, Búzios, Sépia, and Itapu, and precedes a projected July 2026 auction offering over 106 million barrels from six pre-salt fields. Notably, Bacalhau is the first pre-salt field to begin operations without Petrobras involvement in completion and development phases, signaling evolving operational dynamics in the region.
The auction underscores the production-sharing model’s ability to generate substantial revenues, directly benefiting the federal treasury. Recent competitive bids for pre-salt areas have shown significant premiums over minimum government thresholds, with Petrobras, Equinor, and other international operators securing key blocks across the Santos and Campos basins. The ongoing strategic scheduling of auctions and contract terms continues to attract renewed investment and promote Brazil’s strengthening position in the global oil market.
