Total will not participate in Brazil transfer of rights oil auction: CEO

France’s Total SA (TOTF.PA), the big winner in a Brazilian auction of offshore oil concessions on Thursday, said it will not participate in a bigger auction scheduled for Nov. 6 of the so-called Transfer of Rights area in Brazil’s pre-salt region.

The company’s chief executive officer, Patrick Pouyanné, said in a statement that was because the competitive bidding rounds were for non-operating stakes.

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