The 13th Brazil Oil and Gas Auction is considered the worst fiasco. Only 14% of the blocks were negotiated bringing a total of R$121 million to the govt coffers or only 12% of the minimum estimate of R$977 million.
The round was marked by the absence of Petrobras and all the oil majors. This is first time Petrobras did not participate.
Hopefully this result will persuade the federal government and the regulatory authority to listen to the market players regarding rules for the pre salt operations and the local content rule.
Will follow with more news as they develop.
Brazil Energy Insight 
Leave a comment