Brazil's Concession Round 16 results: a multitude of operators and a record bonus Report

Insight 11 October 2019

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Report summary

On 10 October, Brazil’s Round 16 highlighted yet again global appetite for high-quality deepwater acreage. In contrast to previous rounds – which were dominated by the Majors and Petrobras – these awards were notable for the assertive bidding by PETRONAS and QP. It marked the debut of PETRONAS as an operator in the Campos Basin. Total grabbed the C-M-541 block where the prized Nemo prospect is located. This round also marked the return of Chevron as operator in Brazil. Petrobras won just one block, evidence of competition and a successful open market.

Record-breaking bonuses keep getting higher
- As expected, Campos basin blocks near the pre-salt polygon dominated the round.
- As we anticipated, the frontier blocks again failed to attract bids
PETRONAS and QPI dominated the round
- Majors
- Independent companies
- NOCs
Last call for attractive pre-salt exposure
Appendix

Tables and charts

This report includes 8 images and tables including:

The round outcome highlights the need to secure acreage to offset natural reserve life declines
Blocks won by operator
The 10 most expensive blocks

Acreage by basin
Licensed blocks by company and financial commitment
Participant's production in Brazil
Remaining reserves WI (mmboe)
A successful market opening: BP surpassed Shell, while Repsol, Chevron and QPI doubled acreage