Take two for Brazilian bidding round

The auctioning process for the Transfer of Rights fields has been streamlined, and hopes are high for a better showing at the end of the year

The Brazilian government has revised its guidelines for surplus oil volumes in the so-called Transfer of Rights process, part of a new push to auction acreage at the Sepia and Atapu fields in the Santos basin. The new sale could unlock up to BRL200bn ($40.27bn) in life-of-field investments across the two projects and has been rescheduled for December. Brazil hopes to attract a large number of interested parties after failing to offload two of the four fields during the first auction in November 2019. Learning lessons from the past auction has been crucial for the government, especially with energy transition ambitions starting to accelerate. Compensation rules were previously obscure and for