On 27 October 2017 Shell and partners CNOOC and QPI were granted a preliminary award for being the high bidder of the Alto de Cabo Frio Oeste block in the 3rd PSC Pre-Salt Bid Round.Â  Shell as operator with 55% working and with 20% partner CNOOC and 25% partner QPI, offered the minimum state take of profit oil of 22.87% and USD 106.38 million in total fixed bonus to be paid to the Brazilian government based on the USD to BRL exchange rate of the day of 1USD/3.29 BRL.Â  There were no other bids for the block.Â  The PSC contract has a seven year exploration-evaluation phase and the minimum work program is to drill one exploration well. The minimum financial guaranty for the three year period is USD 47.95 million which is less than the estimated cost of drilling a pre-salt exploration well. Â 
Shell (55%), CNOOC (20%), Qatar Petr. (25%) prelim. awarded Alto de Cabo Frio Oeste during 3rd PSC Pre-Salt deepwater round.