Oil majors Shell, Chevron, ExxonMobil, and BP were among successful bidders for offshore acreage offered in Brazil on Friday as part of the 5th Production Sharing Round.
The Brazilian ANP had offered four blocks Saturno, Titã, Pau-Brasil e Sudoeste de Tartaruga Verde. All blocks were acquired. The Round raised R$6,82 billion in signing bonuses and R$ 1 billion in planned investments on the exploration phase.
In the bids under the production-sharing regime, the winning companies are those who offer the Brazilian State, from a minimum percentage set in the tender protocol, the largest portion of oil and natural gas produced (i.e., the largest portion of profit oil). The signing bonuses, also defined in the tender protocol, are fixed.