Brazil’s 14th bid round last week would have been unremarkable were it not for one block: C-M-346 in the Campos Basin. The block, which was won by a consortium of state-run Petrobras and ExxonMobil, accounted for nearly 60% (BRL 2.24 billion: $709 million) of the auction’s total signing bonuses of BRL 3.8 billion.
There is a simple reason that the supermajor splashed out on C-M-346. The block is prime pre-salt acreage in everything but name. It is part of the six-block SC-AP3 sector, a cluster...
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