BRAZIL
Brazil invites new bids for oil and gas exploration rights
September 27, 2017 - Plagued by recent corruption scandals, Brazil is seeking to attract a new wave of investment to its energy sector by auctioning off large numbers of oil and gas exploration blocks across the country.
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The September sale will be Brazil’s 14th oil and gas licensing round, organised by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). A total of 287 exploration blocks in five offshore basins and six onshore regions will be tendered, with 32 companies due to take part, including BP Energy and Shell.
The ANP will also host two separate auctions for pre-salt fields on October 27. Pre-salt oil is of good quality, although it is found in reserves that are in deep-sea areas and under thick layers of salt, requiring large-scale investment to extract it. More auctions will follow in 2018 and 2019.