In April 2026, Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) announced a new Permanent Offer Production Sharing (OPP) bid round, making 23 deepwater pre-salt exploration blocks available to investors. All blocks are located in Brazil’s two most important offshore hydrocarbon provinces—the Campos Basin and the Santos Basin along the country’s southeastern coast.
These basins represent the core of Brazil’s pre-salt oil and gas resources and are widely recognized as among the most prospective deepwater exploration areas globally. Through this new offering, the Brazilian government has sent a clear signal to international energy investors that access to pre-salt resources will remain open over the long term through a permanent and flexible investment framework.
Unlike traditional licensing rounds with fixed bidding deadlines, the permanent offer model allows companies to evaluate geological data at their own pace and submit bids when ready. ANP has identified this flexibility as a key factor in enhancing the competitiveness and attractiveness of Brazil’s upstream oil and gas sector. The permanent offer mechanism has already become the dominant model for exploration and production opportunities in the country.
All 23 blocks will be awarded under production sharing contracts. In addition to signature bonuses, the primary criterion for bid evaluation is the percentage of excess production that companies are willing to share with the federal government. Because Brazil’s pre-salt province contains the country’s largest discovered oil reserves, production sharing agreements are legally required. Government participation is represented by Pré-Sal Petróleo S.A. (PPSA), the state-owned company responsible for managing and commercializing the federal government’s share of production.
The underlying principle of Brazil’s pre-salt framework is clear: resource ownership and revenue rights remain with the state, while market-based operations and investment participation remain open to qualified companies worldwide.
The 23 newly offered blocks are concentrated within the Campos Basin and Santos Basin, which continue to drive Brazil’s oil production growth.
In February 2026, Brazil’s oil production surpassed 4 million barrels per day for the first time, establishing a new national record and positioning the country among the world’s top oil producers. Approximately 80% of total output came from pre-salt reservoirs. A total of 181 producing wells delivered an average of approximately 3.26 million barrels per day, while cumulative pre-salt production exceeded 7 billion barrels by the first half of 2026.
The most productive pre-salt fields are located in the Santos Basin, including the world-class Tupi, Búzios, Mero, and Itapu fields. Production from the Tupi/Iracema complex recovered to around 1 million barrels per day, matching its historical peak achieved in 2019. Búzios remains the world’s largest deepwater pre-salt oil field. China National Offshore Oil Corporation (CNOOC) holds a 7.34% interest in Búzios and a 9.65% interest in Mero, while also participating in seven additional offshore exploration blocks in Brazil.
Brazil’s pre-salt resources offer significant commercial advantages. Production costs are estimated at only USD 30–35 per barrel, giving these projects strong competitiveness among global deepwater developments. At the same time, new reserve additions continue to offset natural production declines from mature assets. In 2025, Petrobras added 1.7 billion barrels of oil equivalent in pre-salt reserves, achieving a reserve replacement ratio of 175%. The company maintained a reserve life index of 12.5 years, a level rarely seen among major deepwater producing regions worldwide.
Supported by a stable geopolitical environment and high-quality offshore resources, the South Atlantic deepwater region off Brazil’s coast has become one of the most attractive destinations for global upstream investment.
Petrobras achieved the highest oil and gas production in its history during 2025, with output approaching 3 million barrels per day. Growth was primarily driven by continued production increases from pre-salt fields and the commissioning of new offshore production platforms.
China remains the largest destination for Brazilian crude oil exports, accounting for 53% of the country’s total crude purchases. Official Brazilian statistics show crude exports rising significantly year-on-year, with shipments to China increasing to 2.2 times the level recorded during the same period of the previous year. Exports to the United States tripled, while exports to India increased by 2.8 times.
As a result, Brazil has evolved from a conventional crude supplier into an increasingly important contributor to global energy security. Many oil-importing countries seeking to diversify supply sources beyond the Middle East now view Brazilian crude as a strategic alternative. Brazil has simultaneously strengthened its position as a reliable energy supplier by continuing to improve its investment environment.
Since the discovery of the Tupi field in 2006, Petrobras has accumulated nearly two decades of experience in ultra-deepwater pre-salt project development and management. The Brazilian government is also advancing its Growth Acceleration Program, which aims to increase crude oil exports from approximately 1.12 million barrels per day in 2021 to 3.238 million barrels per day by 2030.
In the upstream industry, existing producing assets provide stable cash flow, while new exploration projects determine future production capacity. Continued expansion within the Santos and Campos basins will play a critical role in supporting Brazil’s long-term production growth.
China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC) are currently among Brazil’s top oil and gas producers.
CNOOC participates in some of the country’s most important offshore projects, including its interests in the Búzios and Mero fields. Sinopec entered Brazil’s pre-salt sector in 2010 through the acquisition of a 40% stake in Repsol Brazil, leading to the formation of Repsol Sinopec Brasil and providing valuable experience in pre-salt asset management and operations.
CNPC entered Brazil’s pre-salt industry in 2013 through a consortium with Shell, Total, CNOOC, and Petrobras that successfully secured the Libra block. In 2019, CNPC won the Aram exploration block, where both the first exploration well and subsequent appraisal well achieved significant oil discoveries. These projects contributed to the development of proprietary deepwater geological data and enhanced the company’s offshore exploration and development capabilities.
From an energy security perspective, China imported 47.08 million tonnes of crude oil from Brazil in 2025, making Brazil one of China’s five largest crude suppliers. Expanding equity production participation in Brazilian projects could further improve supply stability and strengthen cost management capabilities for Chinese energy companies.
Cooperation between China and Brazil is also expanding into low-carbon energy sectors. Brazil’s electricity system is characterized by a highly renewable profile, with hydropower accounting for a leading share of installed generation capacity. Both countries have begun exploring collaboration opportunities in offshore wind power and solar-powered hydrogen production.
For Chinese oil companies, Brazil’s pre-salt province represents one of the most attractive deepwater investment destinations in the world. The region combines strong policy stability, transparent commercial rules, mature cooperation mechanisms with international oil companies, and world-class resource potential. The permanent bidding system ensures that investment opportunities remain continuously available, creating favorable conditions for Chinese companies to strengthen technical capabilities, expand international operations, and establish a long-term strategic presence in one of the world’s most important offshore energy regions.
