Brazil sets licensing round record

South American nation collects over $2bn in signing bonuses from opening oil auction

Brazil successfully awarded 12 blocks in the 16th Bidding Round, the first of three major oil auctions to be held in the country before the end of November—combined the rounds promise to generate a minimum of R$117bn ($28.4bn) in signature bonuses for the government. The prolific pre-salt region dominated the auction. In the Campos basin, a total of 10 blocks were awarded, out of a possible 13, to 11 international oil companies. Chevron was the most successful bidder in the basin, winning a share of four blocks. The US major became operator of block C-M-845, with a 40pc stake, in consortium with Spain’s Repsol (40pc) and Germany’s Wintershall Dea (20pc). Other acreage for the firm included a