PetroChina acquires oil from Brazil's pre-salt field Bacalhau and secures gas import approval

Pré-Sal Petróleo AS (PPSA), representing Brazil's federal government in pre-salt contracts, conducted a spot auction on April 15, 2026, selling oil from the Bacalhau Field. The initial offering was 1 million barrels, but PPSA expanded the sale to 2 million barrels one day before the auction. PetroChina emerged as the winning bidder for the oil cargo, securing supply from Brazil's pre-salt reserves. The deal also included regulatory approval for PetroChina to import gas associated with the oil acquisition. The transaction represents Brazil's continued efforts to monetize pre-salt resources through international partnerships.

Counterparts (2)

Seller

Pré-Sal Petróleo (PPSA)

company · 2 deals

Pré-Sal Petróleo S.A. (PPSA) is a Brazilian state-owned company responsible for managing the Union's interests in pre-salt oil and gas fields under the production sharing regime. Headquartered in Rio de Janeiro, Brazil, it oversees 19 production sharing contracts, commercializing the government's share of oil and natural gas.

Buyer

PetroChina

company · 1 deals

Calgary-based integrated oil and gas company with upstream, midstream, and downstream operations in Alberta and British Columbia, Canada, wholly owned by PetroChina Company Limited.