On 20 December 2018, Ecopetrol issued a press release indicating it concluded a farm-in for 10% working interest with the consortium of Shell and Chevron in the Saturno block. The transaction is pending formal governmental approvals.Â  Previously Shell was operator and had 50% working interest and partner Chevron had 50% working interest in the PSC contract.Â  Upon formal governmental approvals Shell will continue as operator with 45% working interest and partners are Chevron with 45% and Ecopetrol with 10%.  On 17 December 2018, the consortium of Shell and Chevron was granted an official award for the 1,100.19 sq km Saturno block through the 5th PSC Pre-Salt Bid Round after contract signature with the government. On 28 September 2018, the Shell led consortium was granted a preliminary award for the Saturno block through the 5th PSC Pre-Salt Bid Round after being the high bidder for the block.Â  Â The consortium paid a fixed bonus of USD 781.25 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  Â The consortium offered a state take of 70.20% and won the block over the one other bid for the block by ExxonMobil with 64% and QPI with 36% who bid 42.49% state take.Â  Â The PSC contract has a seven year exploration period.Â  Â The local content is 18% for the exploration phase and 25% to 40% for the development and production phases.
Ecopetrol has acquired a 10% stake in the recently-awarded Saturno block, 1,100 sq km in the central Santos pre-salt and so far Shell-Chevron 50:50 and to become 45:45.