Petrobras, Exxon and Chevron snap up Foz do Amazonas blocks in Brazil auction

June 17, 2025 09:19 AM PDT | By EODHD

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Petrobras, Exxon and Chevron snap up Foz do Amazonas blocks in Brazil auction — Image source: Kalkine Media

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Joa_Souza/iStock Unreleased via Getty Images Petrobras (NYSE:PBR [https://seekingalpha.com/symbol/PBR]), Exxon Mobil (XOM [https://seekingalpha.com/symbol/XOM]) and Chevron (CVX [https://seekingalpha.com/symbol/CVX]) won exploration rights [https://www.reuters.com/business/energy/petrobras-chevron-led-consortia-pick-up-blocks-foz-do-amazonas-auction-2025-06-17/] for several blocks in the environmentally sensitive Foz do Amazonas basin in Brazil's latest licensing round held Tuesday. A consortium led by Brazil's state-owned Petrobras (NYSE:PBR [https://seekingalpha.com/symbol/PBR]) and including Exxon Mobil (XOM [https://seekingalpha.com/symbol/XOM]) was awarded five blocks in Foz do Amazonas, another group led by Chevron (CVX [https://seekingalpha.com/symbol/CVX]) and including China's state-owned CNPC acquired a total of nine blocks in the auction for blocks in the basin, and a separate consortium between Petrobras and Exxon - this time led by the U.S. company - picked up five additional blocks in the basin. The Brazilian National Petroleum Agency offered 147 offshore blocks in the round spread across four plays - 47 in the Foz do Amazonas basin, 34 in the Pelotas basin, 16 in the Potiguar basin and 50 in the Santos basin - as well as 21 onshore blocks in the Parecis basin. Equinor (EQNR [https://seekingalpha.com/symbol/EQNR]) also was awarded a new exploration block in the Santos basin as part of the bid round.

MORE ON PETROBRAS * Petrobras: A Value Opportunity [https://seekingalpha.com/article/4794792-petrobras-a-value-opportunity] * Petrobras: A Bargain During Hard Times For Oil [https://seekingalpha.com/article/4793284-petrobras-a-bargain-during-hard-times-for-oil] * Petrobras: Will These Investments Be Attractive Now? [https://seekingalpha.com/article/4792936-petrobras-will-these-investments-be-attractive-now]

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