On 7 June 2018, Brazil held another successful pre-salt auction, offering four blocks in the core of the pre-salt with more than 14 billion bbl of unrisked in-place prospective resources. Three areas were awarded, all of which Petrobras will operate. With bids submitted by 11 of the 16 registered companies and US$818 million collected in signature bonuses, the outcome was another big success for Brazil and, for the Majors, a chance to significantly deepen pre-salt exposure. Despite the conclusion of four other licensing rounds in the span of less than a year, there is no sign that the Majors’ interest is waning in the pre-salt. ExxonMobil's, BP`s and Equinor’s further, heavy commitment to Brazil was the clearest indicator of that success. Shell and Petrogal reinforced their existing positions, while Chevron became the latest new entrant to the pre-salt polygon. With a fifth PSC round set for September 2018, we can once again expect strong competition for pre-salt acreage.