Brazilian upstream independents that picked up myriad blocks in the country’s long-awaited 11th licensing round this month are starting to provide farm-in opportunities for other firms to break into this coveted market. Independents were active participants in the 289-block bidding round, but most are still in their infancy as produc- ers and some may be overextended. In contrast to its more conservative peers, OGX bid aggressively beyond onshore blocks to pick up more expensive offshore acreage, includ- ing deepwater block 762 in the Potiguar basin in partnership with ExxonMobil (WPA, 17 May, p5).
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