Oil and gas companies including Elysian, Petrobras and Chevron secured most of the oil blocks offered in Brazil’s latest auction.

Out of more than 600 available E&P regions, 192 were awarded by Brazil's energy regulator, the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

According to Reuters, Elysian won 122 blocks.

Elysian was founded in August 2023 to participate in the auction and has its base in the Brazilian state of Minas Gerais.

Its winning bids covered the Potiguar, Espirito Santo and Sergipe Alagoas offshore basins.

Brazilian state-owned oil and gas company Petrobras secured 29 blocks, all as operator, in the Pelotas Basin.

Of the 29 blocks, Petrobras acquired three in a partnership with Shell (30%) and China National Offshore Oil Corporation (20%), and 26 with Shell (30%) alone as a partner.

Petrobras said the new blocks add to its existing portfolio of 47 blocks and expand its exploratory area by 20,000km² from the current portfolio of around 30,000km².

Petrobras CEO Jean Paul Prates said: "New frontiers, such as the blocks acquired today, are essential for energy demand to be met.

“For this reason, we seek to replenish reserves and develop new exploratory frontiers that ensure that we meet energy demand during the energy transition with the lowest possible carbon footprint.”

US oil and gas company Chevron was awarded 15 blocks in the Pelotas Basin.

The South American nation’s latest oil block auction also faced protests from climate activists.

In his opening statement, ANP head Rodolfo Saboia said that while the auction may appear contradictory, the world's reliance on fossil fuels will not vanish in the next five or ten years.

To prevent a decline in oil production over the next ten years, new exploration of oil and gas is required, Saboia added.