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.