Oil majors to bet big on Brazil oil amid election uncertainty

Oil majors are set to gather in Rio de Janeiro on Friday to unveil bids for stakes in Brazil’s high potential offshore areas ahead of elections that are casting a cloud of uncertainty over the industry.

The auction for four blocks in the Santos and Campos basins comes just a week before presidential polls featuring some candidates seeking to slow oil auctions, revise market-friendly legislation or even claw back areas already awarded.

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