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.

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