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Brazil prepares for a big win

The Transfer of Rights Surplus Bidding Round promises to attract a bevy of international players and generate enormous rewards for the government

Brazil has significantly liberalised its upstream sector and established a far more investor-friendly business climate since the Lava Jato-led corruption investigation sparked regime change. Brazil held six bidding rounds during 2017-18 alone, including five that focused on the prolific pre-salt region. These six auctions resulted in the sale of 72 blocks and achieved $7.5bn in signature bonuses. The Brazilian regulator, the National Agency of Petroleum, Natural Gas and Biofuels (ANP), estimates the combined auctions added 2.5mn bl/d to peak oil production and $112bn in new investments across the country. The government has scheduled a further three auctions to be held before year-end. The

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