Big Oil Is Heading to Rio With $50 Crude No Longer a Nightmare

deep

Output is surging at Brazil’s so-called pre-salt region. This decade it has gone from nothing to 1.3 million barrels a day. Better yet for international oil majors, the country is opening its prized region to foreign operators as part of a wider move to reduce the state’s role in the economy and boost competition. Majors including Exxon Mobil Corp.Royal Dutch Shell PlcTotal SA and Chevron Corp.have signed up for an Oct. 27 bid round.

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