Brazil Round 12: A failure to unlock frontier basins
Brazil's Round 12 provided a somewhat disappointing close to licensing in 2013. Held under the existing concession system, it raised less than US$300 million in the form of signature bonuses and work commitments. Less than 30% of the offered acreage was licensed by 12 companies, and the round largely failed in its objective to unlock frontier onshore areas prospective for unconventional gas.
Table of contents
Limited interest in Round 12
A disappointing close to a bumper year
A limited corporate landscape dominated by Petrobras