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Oil auction from Brazil transfer-of-rights area unlikely in 2018: minister

A Brazilian auction of rights to develop additional oil-producing areas in the country’s so-called transfer-of-rights region is unlikely this year, Brazil’s Deputy Mining and Energy Minister Marcio Felix said on Tuesday.

The government in 2010 transferred to state-run oil company Petróleo Brasileiro S.A., known as Petrobras, rights to extract 5 billion barrels of oil and gas in the offshore Santos Basin, at a value based on oil prices at the time. The volumes are now estimated to be much larger, and the cash-strapped government wants to sell the rights to extract the extra oil.

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