Report: Equatorial Guinea’s licensing round to offer the highest acreage in Q2

A total of five bidding rounds are expected to close globally in this year's second quarter, according to a report by GlobalData.

Titled ‘Q2 2017 Global Bid Round Outlook – Mexico Looks to Learn Lessons in 2nd Shallow Water Round’, the report provides details of the various bidding rounds.

The five rounds include Equatorial Guinea’s 2016 Licensing Round, Brazil’s fourth Bidding Round (Marginal), Georgia’s 2017 Open International Tender, Mexico’s Round 2 – Shallow Water Exploration (R02-L01 / 2016), and the Lease Sale 244 in the US.

The Lease Sale 244 round in the US will offer the highest number of blocks among all the bids at 224, followed by Equatorial Guinea with 17 blocks.

In terms of acreage, Equatorial Guinea’s 2016 Licensing Round will offer the highest among all rounds at 272,063km², followed by Georgia with 23,210km². The bidding round was delayed from 30 November 2016 to 28 April 2017 by the Ministry of Mines and Hydrocarbons to encourage more participation from companies.

Mexico’s Round 2 – Shallow Water Exploration (R02-L01 / 2016) was also postponed from 22 March 2016 to 19 July 2017 as the previous bidding round did not generate sufficient participation. The postponement will enable the energy ministry to change the terms of the round and increase participation.

Brazil’s fourth Bidding Round (Marginal) had an initial due date of 22 February, but postponed twice, first to 2 March and then to 19 June.