Brazil’s National Petroleum Agency (ANP) has published the final bidding terms for the 14th Round of bids for oil and gas blocks set for 27 September.
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Some of the blocks available in the 14th Round in the Sergipe-Alagoas area. Map from ANP. |
Brazil is offering 287 blocks in 29 sectors of nine basins, which include both onshore and offshore. The offshore areas include the ultra deepwater basins of Sergipe-Alagoas, Espirito Santo, and Campos; shallow and deepwater blocks in the Santos basin; and the deepwater Pelotas basin.
Including onshore areas, the 14th Round will consist of a total area of about 122,622sq km.
The ANP says that with this round, improved changes have been implemented for bidding companies. Of those changes, companies can expect to benefit from Brazil eliminating local content rules as a bidding criterion in the bidding process; incentives to increase the participation of small and medium-sized companies; differentiated royalties for new frontier areas and mature basins with greater risks; and reduction of minimum net equity for investors.
Brazil is expected to hold the second and third bidding rounds for pre-salt blocks under production sharing contracts one month later, on 27 October.
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