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Brazil oil auction: Lone bid wins exploration rights
BBC ^ | 21 October 2013 Last updated at 17:01 ET | BBC

Posted on 10/22/2013 5:48:28 PM PDT by haffast

The rights to explore Brazil's biggest oilfield have been won at an auction by a consortium led by Brazil's state-run Petrobras, backed by Total, Shell and Chinese firms.

The group made the only bid in the auction, offering the minimum share of the surplus production.

The Rio de Janeiro beachfront hotel, where the auction took place, was guarded by 1,100 security personnel.

Earlier, striking oil workers opposed to the contest clashed with police.

Eleven companies had expressed interest in the Libra oilfield, but the Spanish Repsol pulled out on Monday, leaving the five winners as the only ones to present a bid. 'No frustration'

Chinese state companies CNPC and CNOOC offered 10% each, while the French oil giant Total and the Anglo-Dutch Shell held another 20% stake each.

Despite the lack of other offers, Mines and Energy Minister Edison Lobao told reporters he was "not one bit frustrated" by the contest having been won by the lowest possible bid.


(Excerpt) Read more at ...

TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS: chinese; cnooc; cnpc; gas; libra; lobao; oil; petrobras; shell; total
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1 posted on 10/22/2013 5:48:28 PM PDT by haffast
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To: haffast
The five years we've had have been such good times,
I still love you.

2 posted on 10/22/2013 6:46:29 PM PDT by posterchild
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