On January 14, PPSA (Pré-Sal Petróleo S.A.) is conducting the 5th Spot Oil Auction for crude oil produced at the Bacalhau field, marking the start of commercialization of the Union’s oil from this asset. The field entered production on October 15, 2025, and the auction had its schedule revised from an original December 2025 date to January 2026.
Five companies — Equinor, ExxonMobil, Galp, Petrobras and PetroChina — have been qualified to participate in the virtual bidding for the first cargo of 1 million barrels of oil from Bacalhau that belongs to the Union. The shipment of the cargo is expected in late March 2026 under the terms of the spot sale.
This initial cargo is the first of three to four total cargoes to be offered under the 5th Spot Auction, with additional shipments planned between May and September 2026. The spot format reflects PPSA’s ongoing strategy to commercialize volumes on a flexible, market-responsive basis, with pricing typically referenced to dated Brent.
The Bacalhau field, located in the pre-salt Santos Basin at depths exceeding 2,000 meters, holds recoverable reserves exceeding 1 billion barrels of oil equivalent, according to industry estimates. The development is operated by Equinor in partnership with ExxonMobil Brasil and Petrogal Brasil (a joint venture of Galp and Sinopec), with PPSA managing the Union’s contractual interests under production sharing arrangements.
From an offshore market perspective, the 5th Spot Auction signals the transition of Bacalhau from early-stage production to active commercialization, drawing participation from global integrated majors and reinforcing Brazil’s role as a supplier in global crude markets. The outcome of today’s bidding will set a price and counterparties for the first shipment and establish a commercial benchmark for subsequent volumes in 2026.
Stay informed on key offshore developments — visit wsb-one.com, our data platform trusted by leading offshore companies.