A Quick Guide to the World’s Priciest-Ever Oil Auction in Brazil

Brazil is holding what may be the world’s priciest-ever sale of oil prospects on Wednesday, with all eyes on who takes the giant Buzios field.

Exxon Mobil Corp. and Royal Dutch Shell Plc are among heavyweights signed up to bid for four deep-water areas known as the transfer-of-rights reserves. It’s a prime piece of real estate at the heart of the pre-salt, an expanse of oil deposits about the size of Ohio trapped beneath the Atlantic seabed.

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