Major oil companies bid for the Petrobras block

Big oil will join 11 competitors including Exxon and Shell, as well as Brazilian companies, to bid for two exploration blocks
in Brazil's high-yield salt forefront.

This will be the second bid for two blocks, Secia and Atapu, and the 2019 bid failed to attract any bids
.
Reuters reported that the state is asking for nearly $2 billion in signing bonuses for the two blocks
.
The head of Brazil's oil regulator told Reuters: "Based on our interaction with the CEO, we look forward to competition
.
”

Reuters noted that for ExxonMobil, this will be its first major spending decision
after suffering a huge loss of $22.
4 billion last year due to the pandemic.

According to Brazil's Energy Ministry, if both blocks find suitors, they could eventually boost Brazil's oil production by 12 percent, bringing in a total investment
of about $40 billion over the next decade.

Brazil is aggressively increasing its oil production
.
Earlier this year, Brazil's Minister of Mines and Energy, Bento Albuquerque, said Brazil could become the fifth-largest crude exporter by
the end of the century.

"By 2030, when we reach 5.
3 million barrels per day of production, Brazil will become the world's fifth-largest oil exporter
," Albuquerque said.
He added that Brazil's crude oil and liquid production will jump from 3.
3 million barrels per day now
.

At present, Brazil has ranked among the top ten of the world's largest crude oil exporters, Saudi Arabia is firmly in the lead, and Brazil is ranked 12th
.
State-owned oil giant Petrobras recently announced plans to invest about $68 billion in increased production over the next five years, representing 82 percent
of total planned investment between 2022 and 2026.