ExxonMobil dominates Brazil’s Round 14 Report

Insight 28 September 2017

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Report summary

ExxonMobil leveraged Brazil’s Round 14 to dramatically expand its offshore position, redefining the upstream landscape in Brazil while simultaneously closing a gap in its global portfolio by gaining access to the pre-salt. For Brazil, the round was a success for a cash-strapped government, with signature bonuses far exceeding expectations thanks to strong bidding in the Campos basin. In this insight, we analyze the outcomes of the successful round.

The Campos basin dominated the round
- ExxonMobil and Petrobras dominated the round, with Murphy a new entrant and QGEP expanding
- ExxonMobil forges partnership with Petrobras to lock up pre-salt acreage in Campos basin
- PSC versus concession regime
- ExxonMobil also takes the lead in the Sergipe-Alagoas basin
- Onshore blocks show low attractiveness
- Latest changes to the regulatory framework aimed to improve the round’s success
Conclusion
Appendix

Tables and charts

This report includes the following images and tables:

Acreage by operator
Licensed acreage by company and financial commitment
Blocks won by operator

The ten most expensive blocks
ExxonMobil now in the top five offshore exploration acreage holders
Campos basin blocks ExxonMobil entered: pre-salt potential just outside the PSC pre-salt polygon