Our take on the results

The results clearly show the companies’ focus on the pre-salt reservoirs around the PSA polygon. The blocks in the Pernambuco-Paraíba, Jacuípe and Camamu-Almada frontier basins received no bids, demonstrating the current risk aversion of the participating companies. The Campos Basin received the biggest offers, with the most promising blocks being acquired by Total (+ QPI and Petronas, block CM-541) and Shell (+ Chevron and QPI, block CM-659), but with several other blocks in close proximity also being acquired by other consortia with lower bids. 

It is also worth mentioning the dispute for block CM-541 between Total and Petrobras, with Total winning with a lower bonus but a more aggressive exploration program. Blocks CM-477 and CM-479 were acquired by Petrobras (+ BP) and Exxon, respectively, following the trend of those companies to increase acreage in the outboard of the Campos Basin, near the areas acquired during 14th round. The Santos Basin received offers on only two blocks, the southernmost block (SM-1500) was auctioned to BP and consortium, the same operator of the adjacent and recently drilled Peroba Block. The second block in Santos (SM-766) is positioned in the transition with the Campos basin. Factors such as CO2 expectation, charge matters, reservoir existence, proximity to oceanic crust as well as adjacency to previous discoveries were certainly important in the greater interest in the Campos Basins over the Santos Basin this round.