Brazil offers 91 oil blocks for permanent sale to boost energy production

Brazil will permanently offer 91 oil blocks for sale, potentially generating 2.4 billion reais ($394 million) in signing bonuses. The blocks are located in Minas Gerais, Rio Grande do Norte, and the pre-salt area. This new approach allows companies to express interest in specific blocks, which will then be auctioned. The next auction cycle is set for 2025. Energy Minister Alexandre Silveira emphasizes the need to boost production to maintain energy security, as Brazil's oil output is expected to decline after reaching a peak in 2030.