It is a vote of confidence in the future of the oil industry itself and Brazil in particular that the country’s 15th licensing round has been a runaway success.

The fact that 8 billion reais ($2.4 billion) was bid as signature bonuses shows international oil companies have cash to splash again.

Even in the six months before a potentially volatile presidential election, oil investors are keen on Brazil.

They are undeterred by the fact that the frontrunner for the presidency is former president Luiz Inacio Lula da Silva, who is still facing a potential 12-year jail sentence for his alleged involvement in an epic corruption scandal.