Regulatory News

The 11th Licensing Round for oil and natural gas exploration and production areas, held last week, raised R$2.82 billion ($1.38 billion) in signing bonuses – the amount companies pay to the government when signing concession contracts. This amount exceeded the R$2.1 billion (US$1.03) record obtained in 2009 in the 9th round. Of the 289 blocks offered, 142 were auctioned. It is expected that at least R$7 billion (US$3.43 billion) be invested in the exploration phase.

The consortium formed by Petrobras, France's Total and Britain's BP was responsible for the highest bid - R$345.9 million ($169.7 million) bonus - for a block in the Foz do Amazonas Basin. In all, 30 groups included a total area of ​​155,000 km.

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