After the undeniably disappointing results in yesterday’s TOR auction, the song remained the same today in Brazil’s 6th pre-salt production sharing round, showing that global oil majors are hesitant with structure offered up by the Brazilian government. Even with more rational pricing and clearer terms, competition over the pre-salt exploration

After months – maybe even years – of hype, Brazil’s Transfer of Rights finally hit the auction block this morning, with only two of the four development blocks on offer being scooped up and the Brazilian government bringing in only R$68.37 billion or approximately US$16.77 billion in signing bonuses (fixed).