Exploration opportunities in the Americas increasing in Q2 2019: GlobalData

A recent report reveals that in Q2 2019, over 40 licensing rounds are open globally with 19 scheduled to close in the quarter

Exploration, North america, Study, Report, GlobalData

Licensing opportunities are increasing in the Americas as Brazil, Canada, and the US launch licensing rounds scheduled to close within 2019, according to GlobalData, a leading data and analytics company.

Brazil’s Transfer of Rights Production Sharing Round is open and is expected to generate substantial interest, offering significant discovered pre-salt volumes. In addition, Argentina, Brazil, Canada, Ecuador, Guyana, Peru, and the US are planning to launch further licensing rounds.

The company’s report: ‘Q2 2019 Global Bid Round Outlook – The Americas becoming a licensing hotspot’ also reveals that in Q2 2019, over 40 licensing rounds are open globally with 19 scheduled to close in the quarter. An additional 15 licensing opportunities are planned to open in Q2 2019 and looking ahead, 60 more rounds are potentially in the pipeline.

“Following Lease Sale 252 in March 2019, which yielded more than US$244 million in high bids with 30 companies participating, the Federal Government is holding Lease Sale 253 in the OCS, and the Alaskan government is promoting two further rounds,” said Toya Latham, upstream oil & gas analyst at GlobalData.

Africa continues to offer the most open and upcoming licensing opportunities. This quarter, Ghana’s First Licensing Round and the Republic of Congo’s, Congo Licensing Round Phase II 2018-2019 are scheduled to close.

“Angola will host a significant portion of the upcoming licensing activity in Africa," Latham said. "In February 2019, the country announced its 2019-2025 licensing strategy, which includes a mix of licensing rounds and direct negotiations. The first round will launch in June 2019 offering ten blocks.”

Meanwhile in Asia, notable activity includes the revision of India’s licensing policy for the Open Acreage Licensing Policy (OALP) Bid Round-IV onwards. In Europe, the UK and Faroe Islands will hold parallel rounds for acreage located between the Faroe Islands and the West of Shetland. While in the Former Soviet Union, Ukraine continues a series of licensing rounds, including acreage in the Black Sea.

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