GlobalData’s analysis of the fiscal and regulatory changes in South America highlights that 2018 brings a large number of bid rounds across the region. The investment climate in Argentina has significantly improved under the Macri government. The country is set to open its first offshore round for the Austral North, Malvinas West and North Argentina areas in July 2018.
Uruguay’s third offshore round closes in April, and Brazil will hold its 15th concession round and fourth pre-salt production sharing round, while also opening a new “permanent round” process. Colombia’s Sinu San Jacinto Bid Round, which closes in March, comes after the government amended the fiscal and regulatory regime in 2017 to incentivise investment. Meanwhile, Ecuador is planning to break from its service contract model and introduce a production sharing regime for its upcoming Intracampos and Suroeste rounds. Peru has dropped bid rounds in favour of a flexible licensing system and is looking to amend its hydrocarbons law and royalty regime in 2018.
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In the Caribbean, Trinidad and Tobago is planning to amend its supplemental petroleum tax after having standardised all royalties to 12.5% in December. The country is also planning to open a new bid round in 2018.
Bid Rounds, Fiscal Regime Changes and Pending Legislation in 2018
| Source: Upstream Analytics © GlobalData |
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