Brazil's first license round deemed a success

Winners in Brazil's E&P tender [61,620 bytes] Although only 12 of the 27 blocks offered by Brazil's National Petroleum Agency (ANP) attracted bids during Brazil's first license round on June 15-16, the Brazilian government is happy with the result. Bidders offered more than $180 million in initial bids for exploration and production rights to these blocks, with specific work investments expected to be much higher. ANP earlier predicted the round would result in work investments totaling $1.2 billion. The initial results were disclosed earlier this month (OGJ, June 21, 1999, Newsletter). The government is "highly pleased by the market openin...

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