Brazil's oil watchdog ANP on July 19 published the model contract for its 14th round auction of oil and natural gas exploration rights scheduled for Sept. 27.
On offer are 287 blocks in the offshore basins of Sergipe-Alagoas, Espírito Santo, Campos, Santos, Pelotas, and onshore basins in Parnaíba, Paraná, Potiguar, Recôncavo, Sergipe-Alagoas and Espírito Santo.
If all blocks are assigned, the government will earn a minimum of about $537 million.
ANP Director Decio Oddone said on July 18 he expects more bids this round thanks to a contract model that will be more attractive to investors.
Among the changes, the 14th round eliminates local content as criteria in the bidding process, heeding a long-standing demand of oil majors, and introduces lowers royalties for less explored areas and mature basins which pose greater risks.
Recommended Reading
Eni Finds 2nd Largest Discovery Offshore Côte d’Ivoire
2024-03-08 - Deepwater Calao Field’s potential resources are estimated at between 1 Bboe and 1.5 Bboe.
Cronos Appraisal Confirms Discovery Offshore Cyprus
2024-02-15 - Eni-operated block partner TotalEnergies says appraisal confirms the presence of significant resources and production potential in the block.
Deepwater Roundup 2024: Offshore Africa
2024-04-02 - Offshore Africa, new projects are progressing, with a number of high-reserve offshore developments being planned in countries not typically known for deepwater activity, such as Phase 2 of the Baleine project on the Ivory Coast.
Valaris Updates Fleet Status
2024-02-19 - The backlog of these contracts and extensions is valued at $1.2 billion.
Rystad: More Deepwater Wells to be Drilled in 2024
2024-02-29 - Upstream majors dive into deeper and frontier waters while exploration budgets for 2024 remain flat.