CNOOC and PetroChina emerged victorious in the spot model dispute promoted by the Brazilian state-owned company
The Chinese giants e were the winners of the 6th spot auction of (Pré-Sal Petróleo SA), informed the Brazilian state-owned company this Friday (June 5, 2026).
The event was held on Wednesday (June 3). CNOOC purchased 900,000 barrels of oil from the Atapu Field, in the Santos Basin. The company is China’s largest state-owned offshore oil and gas producer.
PetroChina, the largest oil and gas company in the Asian country, won the dispute for 1 million barrels of oil from the Bacalhau Field, also in the Santos Basin.
The spot auction is a sales process with immediate or short-term delivery. The two loads offered by PPSA are expected to be loaded in August 2026.
The price offers, referenced by dated Brent, were opened in real time in an online session with the participation of company representatives. In total, 16 companies were invited by PPSA to compete. In addition to CNOOC and PetroChina, they participated in the event , , e among others.
The last spot auction carried out by PPSA was divided into two stages: Equinor and Petrochina 1 million barrels each, in January and April, respectively.
UNION AUCTION IN AUGUST
A on August 26th the 6th Union Oil Auction. The long-term event should offer more than 100 million barrels.
The state-owned company, which manages the Union’s oil and natural gas production contracts, had scheduled the event for July 29, but decided to postpone it due to the of the global oil and gas industry with the conflicts in the Middle East.
The company assesses that the market will be more stable on the new date and that the scenario of uncertainty in the sector will increase commodity prices at the event.
The Union’s oil auction is the official process in which the Brazilian government sells its share of oil and natural gas extracted from pre-salt fields.
