Brazil Round 2 a critical new step in Brazilian E&P sector opening

On Sept. 30, 1999, David Zylbersztajn, Director General of the Agência Nacional do Petróleo (ANP), announced the formal opening of the second round of exploration licensing, known as Brazil Round 2. This round follows immediately upon the signature of concession agreements for Brazil Round 1 and marks the next significant step in the opening of Brazil's petroleum sector.Key features of Brazil Round 2 include: the offer of 23 blocks (13 offshore, 10 onshore), all of which received nominations; opportunities ranging from exploratory frontiers to mature basins; special provisions for small players in mature basins; no mandatory drilling in the first exploration period; review...

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