Shell, Chevron bet big in last Brazil oil auction before elections

Royal Dutch Shell Plc (RDSa.AS) and Chevron Corp (CVX.N) on Friday led big bets by oil majors seeking to clinch key stakes in Brazil’s coveted offshore oil play, shrugging off concerns over presidential elections that have cast a pall of uncertainty over the industry.

Shell and Chevron pledged to the government a high 70.2 percent of the oil it will produce after costs to clinch the choice Saturno block, while Exxon Mobil Corp (XOM.N) and Qatar Petroleum International landed the Tita area with a 24.5 percent offer, with both groups locking in key real estate in the prized Santos basin.

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