Five blocks in the pre-salt polygon will be offered under the PSC regime. What’s changed this time to make companies reassess the challenges related to the reservoir quality, presence, source rock maturity or CO2 content? Over 500 blocks will be auctioned under the concession regime, located onshore and offshore. The interest in the Pelotas basin is driven by the opportunity to hold analogues from Namibia’s last discoveries located in the Africa’s Orange sub-basins. We’ve run an IRR (%) sensitivity to volume and royalty rate to evaluate different development scenarios.