document: On 28 September 2018, Petrobras was granted a preliminary award for the Sudoeste de Tartaruga Verde block through the 5th PSC Pre-Salt Bid Round after being the high bidder for the block.Â      Petrobras paid a fixed bonus of USD      17.50 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.  Petrobras offered the minimum state      take of 10.01% and won the block as there were no other bidders.Â    Petrobras has 100% working interest      in the PSC contract.    The PSC contract has a seven year      exploration period.Â    The local content is 55% for the      exploration phase and 65% for the development phase for the block.
summary: On 28 September 2018, Petrobras was granted a preliminary award for the Sudoeste de Tartaruga Verde block through the 5th PSC Pre-Salt Bid Round after being the high bidder for the block.  