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Share Price Information for BP (BP.)

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Share Price: 490.80
Bid: 490.45
Ask: 490.55
Change: -0.45 (-0.09%)
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Open: 488.80
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FACTBOX-Latin America holding record number of oil auctions this year

Mon, 02nd Apr 2018 12:00

HOUSTON, April 2(Reuters) - Latin America this year willhost the most licensing rounds in its history, opening about1,100 oil and gas blocks for foreign capital.

Mexico started the calendar in January with a round thatattracted $93 billion in investment pledges and followed withanother securing over $8 billion. In March, Brazil drew $2.4billion in pledges for offshore areas on top of about $30billion from an October bidding round.

The following is a list of expected bidding rounds in eachcountry this year:

MEXICO

A July onshore round will allocate up to 37 areas, followedby nine unconventional blocks, with results due in September.Mexico also hopes to schedule an auction of heavy oil areas inthe Gulf's shallow waters late this year.

BRAZIL

Brazil will host another large offshore auction this yearand the government is preparing the transfer of rights fromstate-run Petrobras. The country plans a permanentoffer of up to 850 onshore and offshore blocks starting in May,a number that could climb to 1,700 areas in 2019.

The South American country, which is reducing royalties forbordering and mature fields, has worked hard in recent years torelax its local content rules, an issue seen in the past as amajor obstacle on investment.

COLOMBIA

In May, Colombia expects to begin offering up to 25 onshoreand offshore blocks in a permanent auction similar to whatBrazil is planning, a process that will follow its Sinu-SanJacinto round including 15 areas to be awarded in early April.

The country's regulator also is in talks with holders ofnine permits for seismic studies in the Caribbean Sea to convertthem into exploration and production contracts.

URUGUAY

Results of third offshore round could be disclosed in lateApril, including 17 blocks for exploration and production at itsExclusive Economic Zone.

The nation is offering less demanding qualificationconditions and mandatory exploration terms, according to thegovernment.

PARAGUAY

State-run Petroleos Paraguayos plans to relaunch in thesecond quarter an auction to find partners for two explorationand production areas after a failed attempt last year.

The blocks - Petropar III and Palo Santo - are part of fiveareas received by Petropar to be developed in Paraguay's westernzone near the border with Bolivia and Argentina.

ARGENTINA

Argentina will appear late in Latin America's 2018 auctionwave with terms of its first offshore round due in July andresults expected in December.

The auction, of a mostly unexplored area covering 225,000kilometers off the Atlantic coast, does not include biddingbonuses, according to the government. Interested firms canpropose blocks to be added to the offer.(Reporting by Marianna Parraga; additional reporting by DanielaDesantis in Asuncion, Paraguay and Neil Marks in Georgetown,GuyanaEditing by Gary McWilliams and Brian Thevenot)

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