Brazil's oil watchdog ANP on July 19 published the model contract for its 14th round auction of oil and natural gas exploration rights scheduled for Sept. 27.

On offer are 287 blocks in the offshore basins of Sergipe-Alagoas, Espírito Santo, Campos, Santos, Pelotas, and onshore basins in Parnaíba, Paraná, Potiguar, Recôncavo, Sergipe-Alagoas and Espírito Santo.

If all blocks are assigned, the government will earn a minimum of about $537 million.

ANP Director Decio Oddone said on July 18 he expects more bids this round thanks to a contract model that will be more attractive to investors.

Among the changes, the 14th round eliminates local content as criteria in the bidding process, heeding a long-standing demand of oil majors, and introduces lowers royalties for less explored areas and mature basins which pose greater risks.