Insight
Upstream Licensing Round Quarterly: Brazil’s pre-salt stays hot
Report summary
The Upstream Licensing Round Quarterly will keep you up to date on all licensing round activity. Updates will be published in January, April, July and October. This quarter: Seven licensing rounds reported results in Q3. Brazil's PSC Round 5 was the highest profile, with US$1.6 billion raised in signature bonuses. India awarded all blocks in its first open round, but all bidders were incumbents. Increasing completion in the Gulf of Mexico's Lease Sale 251 is a positive sign of confidence and capital returning to the region. Three out of 13 blocks were finally awarded in Congo's delayed 2016 round, with the entry of Kosmos Energy being the highlight of the results. Five rounds launched in Q3, down from the burst of 15 rounds launched in Q2. With over 40 rounds still underway, 11 rounds could report results before the end of 2018, but some of these may be delayed until 2019.
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