Petroleo Brasileiro SA (PBR) is poised to delay awarding about four drilling contracts for its largest offshore field by at least a few months amid a rising global crude glut, Bloomberg reported Monday, citing people familiar with the matter.

Brazil's state-owned oil company, Petrobras, is now expected to wait until 2026 to finalize drillship contracts for the Buzios field in the Santos Basin, as it continues to gain reservoir knowledge that will help it better locate upcoming wells.

The company has given contractors until the end of 2025 to revise their offer, one person said, according to the report.

Petrobras has an ongoing process to contract drilling rigs for Buzios, the company told Bloomberg.

Petrobras did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)