By Brazil Stock Guide – Brazil’s oil and gas regulator, the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP), will hold a public hearing on March 13 to update the Production-Sharing Permanent Offer (OPP) and include 15 new exploratory blocks. The move expands the current portfolio from eight to 23 areas and preserves plans for a new bidding cycle later in 2026.
The OPP currently includes eight offshore blocks — Jade, Ágata, Amazonita, Safira Leste, Safira Oeste, Larimar, Turmalina and Ônix. The 15 additions, including Cruzeiro do Sul, Rubi, Granada and Hematita, significantly broaden the acreage available under Brazil’s production-sharing regime, typically applied to high-potential offshore and pre-salt areas.
All newly included blocks have received joint clearance from the Ministério do Meio Ambiente e Mudanças Climáticas (Environment and Climate Change Ministry) and the Ministério de Minas e Energia (Ministry of Mines and Energy), Brazil’s federal energy authority. The draft revision of the tender notice has already been approved by the Energy Ministry. Because the update only adds new blocks and adjusts technical-economic parameters — without changing existing bidding rules — the ANP waived a separate public consultation phase to accelerate republication.
Regulatory Calendar
The regulator’s decision ensures at least one annual bidding cycle under each contractual regime. Three additional blocks authorized by the Conselho Nacional de Política Energética (CNPE), Brazil’s top energy policy council, — Mogno, Dolomita and Limonita — will be added in a future revision.
Mogno extends partially beyond Brazil’s 200-nautical-mile maritime boundary, requiring specific contractual provisions. Dolomita and Limonita need boundary adjustments following recommendations from a joint 2026 environmental and energy review. Incorporating them now would delay the 2026 timetable.
Flexible Auction Model
The Permanent Offer has become Brazil’s main oil and gas licensing framework. Unlike traditional bidding rounds with fixed dates, the model allows companies to review technical data and submit offers when they consider market conditions favorable.
Brazil currently operates two Permanent Offer systems: the Concession Permanent Offer (OPC) and the Production-Sharing Permanent Offer (OPP), reflecting different contractual structures. Since 2019, the ANP has conducted five concession cycles and three production-sharing cycles, most recently in 2025.
For investors, the expansion signals regulatory continuity and an effort to sustain upstream momentum even amid energy-transition pressures and commodity price volatility. Industry response to the 2026 cycle will serve as a key test of appetite for Brazil’s production-sharing model.
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