Upstream licensing round quarterly: Argentina’s first offshore round is a Major success during a busy quarter

Eight licensing rounds reported results in Q1. Argentina awarded 18 out of 38 blocks in its first offshore licensing round, after attracting bids from 13 companies and a total of US$718 million. All Majors picked up acreage apart from Chevron, with Equinor gaining participation in over a third of the new acreage. Ecuador's new Production Sharing Contract helped the country award its first new blocks since 2012. Total exploration investment across the seven new blocks could exceed US$200 million, with 27 wells committed.