BP, Shell among bidders in $800 million Brazilian oil auction today

BP PLC, Chevron Corp and Royal Dutch Shell PLC are among firms that will compete for exploration and production rights off the Brazilian coast on Thursday, in the first of three oil bidding rounds scheduled for coming weeks.

Combined, the minimum signing bonuses for the blocks in the so-called 16th post-salt oil bidding round in the Latin American oil powerhouse come to roughly $800 million.

That is significant by historical standards, but pales in comparison to Brazil’s so-called transfer-of-rights bidding round and 6th pre-salt round, both scheduled for early November. Those rounds are expected to bring around $25 billion and $2 billion into government coffers, respectively.

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