Offshore Activity

Brazil auction tests oil major appetite for deepwater fields

Top global oil companies will compete on Friday in Brazil’s billion-dollar auction for some of the world’s most prolific deepwater oilfields, a test of their appetite for capital intensive offshore projects after three years of low oil prices.

Competition between firms such as Exxon Mobil, Royal Dutch Shell and Total> is expected to be fierce for the more than 12 billion barrels of estimated oil reserves Brazil is offering. At current prices, that volume of oil is worth around $600 billion.

Read more

Categories: Offshore Activity

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s