Majors find an edge into Brazil's pre-salt polygon – results from PSC Round 5

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Few exploration opportunities command as much attention as Brazil's pre-salt. Widely perceived as potentially the last opportunity for access, Brazil's 5th PSC Round closed with a final bang, sealing a winning streak of five competitive bid rounds over two years. Since 2016, pro-industry reforms have removed regulatory obstacles and pumped confidence back into the sector. But a highly uncertain presidential election looms ahead and could put progress at risk. Still, explorers were not deterred in the latest round. The bid round once again saw high profit share rates with some of the highest signature bonuses ever-recorded (even by Brazil's standards). Pre-salt interest remains front of mind. Read our Insight to learn how the bid rounds of 2017 and 2018 have transformed Brazil's E&P landscape: • Which Major is the largest operator of pre-salt exploration acreage? • How has Petrobras' share of licensed pre-salt acreage evolved? • Have PSC profit share rates reached a "new normal"?

Table of contents

  • Executive Summary
    • Saturno
    • Tita
    • Pau Brasil
    • Sudoeste de Tartaruga Verde
  • The state of play after Brazil's second opening to investment
  • Intense bidding set record bonuses and profit shares
  • Election risks loom over Brazil
  • Interest in the pre-salt play remains high

Tables and charts

This report includes 10 images and tables including:

  • Brazil acreage offered and awarded since 2013
  • Campos and Santos basins gross operated exploration acreage
  • ExxonMobil is now the second largest exploration acreage operator in the Campos and Santos basins
  • Campos and Santos basins net exploration acreage ownership
  • Net exploration acreage by contract type (Campos and Santos basins)
  • Average offshore signature bonus since 2013
  • Government profit share by block (operator)
  • Top ten block signature bonus
  • Top ten block signature bonus per km2
  • Blocks and winning bids

What's included

This report contains:

  • Document

    Brazil PSC Round 5.xlsx (1)

    XLSX 153.17 KB

  • Document

    Majors find an edge into Brazil's pre-salt polygon – results from PSC Round 5

    PDF 1.06 MB