JPT International Majors Expand Footprints in Brazil, Mexico

SPE.org 

The events furthered energy reforms for the two Latin American oil and gas powers, both months away from presidential elections in which leftist candidates have vowed to dial back the changes. Preceding Brazil's 15th Round on 29 March was news that two blocks in the Santos Basin would not be offered after a court determined they would earn more value for the country as part of production-sharing contracts. Those blocks, which garnered strong interest, will be awarded in June. The offshore portion of the latest round was active nonetheless as 22 of 47 blocks were awarded, with much of the interest coming in the Campos Basin. Like the last Brazilian offshore auction in September 2017, ExxonMobil won the most blocks, tallying eight, while Petrobras and Wintershall each took seven blocks and Shell, Chevron, Statoil, and Qatar Petroleum (QP) each took four blocks.