Publisher's latest report Q2 2016 Global Bid Round Outlook - Gabon to Hold Postponed Deepwater Round, provides a detailed overview of the global bid rounds due to close in Q2 2016. The report covers major developments related to bid rounds in Q1 2016, information on each bid round due to close in Q2 2016 by country. Recent exploration and licensing history of countries where bids are due to close in the quarter and Overview of bid rounds due in Q3 2016.

Key Highlights:

-Three bid rounds are due to close in Q2 2016: the 2015 Offshore Round 2 and 2015 Offshore Round 1 Re-release, both in Australia, and the 11th Licensing Round in Gabon.

-The deadline for the submission of bids to the Gabon’s 11th Licensing Round was extended from March 31, 2016 to April 29, 2016, as the Direction Generale des Hydrocarbures planned to update the country’s fiscal terms in April 2016. This extension also provides an opportunity for the interested companies to evaluate potential changes in the fiscal terms.

-The blocks on offer in Gabon’s round are located in close proximity to Leopard-1 and Diaman-1B discoveries in pre-salt plays. The Diaman-1B well was drilled in 2013 and encountered 50–55m of net hydrocarbon pay while Leopard-1 encountered about 17m of net gas pay in 2014. These discoveries could enhance the interest of oil and gas companies in the Gabon’s bid round.

-The 2015 Offshore Round 2 in Australia offers the highest acreage of all the bid rounds at 45,710km-2, followed by the 11th Licensing Round in Gabon with 8,465km-2 and the 2015 Offshore Round 1 Re-release in Australia with 5,610km-2.

-The blocks on offer in 2015 Offshore Round 2 in Australia – W15-3 and W15-4 – are close to the Icthys LNG project. The W15-4 block already had a gas discovery and an oil discovery within its perimeter.