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Brazil in focus: competition converges on pre-salt acreage in upcoming 2018 licensing rounds

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Report summary

Continuing with its aggressive licensing push, Brazil has launched two high-profile bid rounds closing in late-March (Round 15) and early-June (PSC Round 4). The rounds offer 40,000 km2 of prime offshore acreage, including 22 pre-salt prone blocks. As with previous pre-salt rounds, the size of the prize is huge. Brazil's upstream regulator, the ANP, has identified 35 billion boe of prospective resources in-place in the Campos and Santos acreage. We expect the pre-salt blocks of Round 15 to drive most of the interest given the fiscal advantages of the concession regime over the profit-sharing terms of PSC Round 4.

What's included

This report contains

  • Document

    Brazil kicks off 2018 licensing rounds.xls

    XLS 273.00 KB

  • Document

    Brazil in focus: competition converges on pre-salt acreage in upcoming 2018 licensing rounds

    PDF 12.92 MB

  • Document

    Brazil in focus: competition converges on pre-salt acreage in upcoming 2018 licensing rounds

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Table of contents

  • Brazil offers 40,000 km 2 of high-graded offshore exploration acreage
  • Vast resource potential at high prices
  • Bidding on profit share rates has a permanent impact on development economics
  • Strong interest evident, competitive bidding expected
  • Conclusion
  • Appendix 1: Fiscal and E&A assumptions for full-cycle economic analysis
  • Appendix 2: Companies registered to participate in Round 15

Tables and charts

This report includes 11 images and tables including:

Tables

  • Over 16,000 km2 of pre-salt prone acreage offered in Campos and Santos basins
  • Stretch case field development assumptions
  • Companies registered to participate in Round 15

Images

  • Concession Round 15 and PSC Round 4 acreage map
  • Blocks on offer and awarded per round
  • Santos and Campos basin signature bonuses (outside the pre-salt polygon, these are the minimum bids)
  • Top 10 signature bonuses for Campos and Santos blocks
  • Global conventional costs incurred by the Majors and NOCs (2016)
  • Ratio of winning bid to minimum bid in Round 14 offshore blocks
  • Full-cycle company IRR as a function of profit share bid rates and oil prices
  • The stretch-case field adds 3 percentage points to full-cycle IRR

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