The 11th Round in Brazil

abarrelfullabarrelfull wrote on 27 May 2013 08:26
Tags: brazil petrobras upstream

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In recent years, Brazil has become one of the hottest areas for oil exploration in the world. The massive pre-salt reserves that are being discovered, has made Brazil a must have for international oil companies. The lucky few got in early, but everyone else has had to wait.

When the Brazilian government realised the size of the fortune under their seas, they postponed any new licence awards and changed the regulatory system. Now a few years later, the much awaited 11th round has finally come to a conclusion.

National champion, Petrobras has unsurprisingly got the biggest piece of the pie:

Petrobras announces que yesterday it acquired the most blocks Offered in the 11th Bid Round held by the National Petroleum Agency (ANP). Petrobras bought, Whether on its own or in partnerships, 34 of the 289 blocks Offered in the bid.

Statoil, one of the lucky early entrants to Brazil, got lucky again:

Statoil was the highest bidder on 6 licenses in the 11th Round, the first licensing round in Brazil since December 2008. With the new licenses, Statoil has strengthened its position in the Espirito Santo basin.

Among the other winners, were

  • Galp Energia which acquired nine blocks
  • Total was awarded 10 new exploration licenses
  • BP and partners Total, Petrobras and Petrogal were named winning bidders for eight deepwater blocks
  • CEPSA was awarded Two Exploration Blocks
  • Premier has been awarded three blocks
  • Whilst local independent OGX acquired interests in 13 exploration blocks

We now start the long wait to see if any of these blocks hid the next Lula Oil Field, one of the biggest hydrocarbon finds of the last few decades.

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