The 14th licensing round for oil blocks promoted by Brazil's national oil regulator ANP closed out with a total $1.2 billion raised—the highest amount in history, with an average premium of 1,556.05% (difference between the minimum value and what was actually collected).

The most sought-after blocks were those in the coastal Campos Basin, in Rio de Janeiro, where eight of the ten blocks offered were won by the Petrobras/ExxonMobil consortium.

The consortium paid $701.5 million for block BC-346, one of the most sought-after areas in the round. The second highest bid ($375.8 million) was also offered by the consortium, which accounts for 95% of the total amount fetched.

Thirty-seven of the 287 blocks offered were sold in a 25,011 km² area. The blocks are spread across 16 sectors of eight sedimentary basins: Parnaíba, Potiguar, Santos, Recôncavo, Paraná, Espírito Santo, Sergipe-Alagoas, and Campos.

In addition to the amount collected today—formed by the signature bonus (to be paid up front for the exploration rights) —winners will have to make a minimum $264.6 million investment in the first stage.

Minister of Mines and Energy Fernando Coelho Filho celebrated the success of the round and also the auction of the hydroelectric plants operated by the Minas Gerais Energy Company (Cemig), held in São Paulo. He described this morning as “very important” to the Brazilian government due to the auctions.

ANP stated that the goal is to diversify the country's exploration areas and draw companies with different profiles. The next ANP auction—the second and third licensing rounds for the pre-salt—is slated to be held on October 27 and is expected to see the world's 11 biggest oil giants compete. The companies have already been granted official permission to participate.

The ten oil wells with the highest output in Brazil are in the so-called pre-salt polygon, which accounts for nearly half of the country's production, according to ANP data.