Oil unions sue to block crude auctions, minister expects success

Brazilian oil workers’ unions have sued to block two massive deep-water crude tenders due to take place this week, while the country’s mines and energy minister said on Tuesday that the tender would be a big success.

In Wednesday’s auction, known as the transfer-of-rights (TOR) bidding round, companies 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.

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