Big Oil readies Brazil offshore bets, fearing election result

Exxon Mobil Corp (XOM.N), Royal Dutch Shell Plc (RDSa.AS) and other companies will gather on Friday in possibly their last crack at Brazil’s coveted offshore oil for another four years, as a wide-open election spurs fears about barriers to foreign investment.

The auction in Rio de Janeiro for four blocks in the Santos and Campos basins comes just a week before the most unpredictable presidential election in a generation, which features candidates that may seek to slow the pace of oil auctions, revise market-friendly legislation or even claw back oil areas already handed out.

Read more

Leave a Reply