Insight
Brazil in focus: competition converges on pre-salt acreage in upcoming 2018 licensing rounds
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.
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:
- Concession Round 15 and PSC Round 4 acreage map
- Blocks on offer and awarded per round
- Over 16,000 km2 of pre-salt prone acreage offered in Campos and Santos basins
- 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
- Stretch case field development assumptions
- The stretch-case field adds 3 percentage points to full-cycle IRR
- Companies registered to participate in Round 15
What's included
This report contains:
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