BAR-M-300 is a 769 square kilometers license area located in deep water off northeastern Brazil, and it is part of the 10 concession blocks owned and operated by BG Group (50%), acquired in the 11th bidding round along with Petrobras (40%) and Petrogal (10%). Local content required by the Brazilian regulator is 39% during exploration and 65% during development. In the first five-year exploration phase, BG Group's work programme will include a combination of full-block seismic acquisition and processing and a number of wells. Seismic acquisition will begin once the required environmental permitting has been received. According to Brazilian regulator ANP, 29.96mn reais will be invested in the Minimum Exploratory Program (PEM).