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9 Pages

Brazil's Round 13: Above-ground concerns sink round


Brazil's Round 13: Above-ground concerns sink round

Report summary

The results of Brazil's Round 13 were a major disappointment. Just a fraction of the blocks on offer were awarded, mostly in onshore areas, and no bids were placed by leading international E&Ps. This outcome is due primarily to numerous above-ground problems, particularly the ANP's failure to address industry concerns regarding onerous local content rules.

Just 37 of 266 exploration blocks on offer attracted bids, and only two were offshore. The US$31 million signature bonus fell far below government expectations of raising around US$500 million. There was little competition, with no more than eight blocks receiving more than one offer, mainly in the onshore Parnaiba and RecĂ´ncavo Basins. Contributing to the round's failure was the decision by Petrobras not to participate, the first time the Brazilian NOC has not picked up acreage in a domestic round.


What's included?

This report includes 2 file(s)

  • Brazil's Round 13: Above-ground concerns sink round PDF - 899.08 KB 9 Pages, 4 Tables, 4 Figures
  • Brazil 13th Round Above ground concerns sink round.xls XLS - 214.00 KB

Description

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  • Limited interest in offshore areas
    • Low interest in offshore basins
  • Above-ground issues undermine offshore attractiveness
    • Environmental licensing
    • REPETRO regime
    • Local content
  • Onshore basins receive bulk of interest
  • Conclusion
  • Appendix

In this report there are 8 tables or charts, including:

  • Limited interest in offshore areas
    • Only 14% of blocks received bids
    • Licensed acreage by company
    • QGEP blocks adjacent to recent Barra and Farfan discoveries
  • Above-ground issues undermine offshore attractiveness
  • Onshore basins receive bulk of interest
    • Round 13 bonuses compared to past onshore bidding
  • Conclusion
  • Appendix
    • Blocks won by operator
    • Licensed acreage by basin
    • The ten most expensive blocks
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