On 28 September 2018, the consortium of BP, CNOOC, and Ecopetrol was granted a preliminary award for the Pau Brasil block through the 5th PSC Pre-Salt Bid Round after being the high bidder for the block.Â      The consortium paid a fixed bonus      of USD 125.00 million at USD 1.00 to BRL 4.00 exchange rate and has a      first exploration period financial guarantee of USD 62.50 million to cover      the cost of the one well drilling commitment.Â    The consortium offered a state take      of 63.79% and won the block over the one other bid for the block by Total      with 40%, CNODC with 20%, and Petrobras with 40% who bid 62.40% state take.Â    BP is operator and has 50% working      interest and partners are CNOOC with 30% working interest, and Ecopetrol      with 20% working interest in the PSC contract.  The PSC contract has a seven year      exploration period.Â    The local content is 18% for the      exploration phase and 25% to 40% for the development and production phases.
On 28 September 2018, the consortium of BP, CNOOC, and Ecopetrol was granted a preliminary award for the Pau Brasil block through the 5th PSC Pre-Salt Bid Round after being the high bidder for the block