Group Led by Shell Acquires Coveted Saturn Field

Shell-Led Consortium In The Fifth Round Of The Brazilian Pre-Salt Takes Down Rival Competitor And Assumes The Saturn Area In The Santos Basin

The Anglo-Dutch Shell, with 50%, and the American Chevron, with 50%, presented the winning bid, offering a 70.20% oil profit share to the federal government. A consortium formed by ExxonMobil of the US, with 64%, and Qatar Petroleum International (QPI), with 36%, offered a profit share of 42.49%, finishing in second place. The government requested a fixed signing bonus of R$ 3.125 billion (US$ 775.4 million) for Saturn and a minimum oil profit share of 17.55%. The Shell-led consortium proposed investments of 250 million reais.

The ExxonMobil-QPI alliance made a bid in the second area of Titan, which is adjacent to Saturn, and offered a federal government oil profit share of 23.49%. A 50/50 partnership between Shell and Colombia’s Ecopetrol finished in second place with a bid of 11.65%. The government requested a fixed signing bonus of 3.125 billion reais for Titan and a minimum profit share of 9.53%. The ExxonMobil-QPI also proposed investments of 250 million reais. A BP-led consortium won the Pau Brasil pre-salt area by a narrow margin. BP, with 50%, the China National Offshore Oil Corporation, with 30%, and Ecopetrol, with 20%, offered an oil profit share to the federal government of 63.79%.

Total at 40%, Petrobras at 40%, and the China National Petroleum Corporation, with 20%, proposed a profit share of 62.4%, coming in second place. The government requested a fixed signing bonus of 500 million reais for Pau Brasil and a minimum oil profit share of 24.82%. As expected, Petrobras took the Southwest area of the Green Turtle, in the Campos Basin, proposing a minimum oil profit share to the federal government of 10.01%. The government requested a fixed signing bonus of 70 million reais for the southwest of Green Turtle.

The 5th round of the pre-salt, held just 10 days before the Brazilian elections, concludes a successful two-year cycle of licensing activity that included four rounds offering production sharing contracts in the pre-salt area and two auctions outside the pre-salt area. With this event, Brazil licensed 72 blocks during the two-year licensing cycle, of which 58 are offshore. The National Agency of Petroleum (ANP) hosted the last round under the administration of Brazilian President Michel Temer, with production sharing contracts.

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