Bidding field narrows as huge Brazil oil auction approaches

As Brazil approaches the biggest oil auction in its history — and one of the world’s most expensive ever — the field of deep-pocketed bidders has narrowed to less than a dozen oil majors.

In Wednesday’s auction, known as the transfer-of-rights (TOR) bidding round, firms are expected to pay up to 106.5 billion reais ($26.5 billion) in signing bonuses for fields that Brazil says may hold up to 15 billion barrels of untapped crude.

Continue reading

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.