On 28 September 2018, the consortium of Shell and Chevron 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      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    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    Shell is operator and has 50%      working interest and partner Chevron has 50% 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 Shell and Chevron 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. 