Welcome mat is ready for 'open door' bidders

摘要

BRAZILIAN regulatory authorities are close to receiving the first expressions of interest as part of the country's new open door licensing mechanism, launched in 2018 to increase the turnover of onshore acreage and recycled offshore areas. The "permanent offer" mechanism allows potential investors to study data and, by declaring their interest in a given block, trigger a competitive bidding process with any other interested parties. Areas approved for bidding so far include 600 exploration blocks spanning 11 sedimentary basins.