ANP's 2019 ToR Excess Volumes PSC round (aka Transfer of Rights) was held yesterday with mixed results. Only 2 of the 4 contracts on offer resulted in preliminary wins, and there were only 2 bids for the BÃºzios* and Itapu** blocks - led by Petrobras. There were no bids for Atapu and SÃ©pia.   Majors failed to participate, suggesting terms were not attractive enough (high upfront dues) - 7 out of 14 qualified participated and only 3 bids were placed. Ecopetrol, Equinor, ExxonMobil, and Petrogal participated but placed no valid bids.  The authorities will look at alternative solutions to offer Atapu and SÃ©pia again â possibly in 2020.   * BÃºzios: Petrobras (op) 90%, CNODC 5%, CNOOCI 5%.  **Itapu: Petrobras 100%.   ANP's planned 6th pre-salt round takes place later today (ref. DEA 16 Oct '19).
Petrobras was granted a preliminary award for Itapu field (100%) and Buzios field (90% op, CNOOC 5%, CNODC 5%), biggest area on offer ANP's 2019 ToR Excess Volumes PSC round (aka Transfer of Rights) in the Brazilian pre-salt.