Petrobras, Chinese oil companies win Brazil’s largest block at TOR auction

Nov 6, 2019

(Reuters) – A consortium led by Brazilian state-run oil company Petrobras and including China’s state-run companies CNOOC and CNODC was awarded the most promising block of the nation’s Transfer of Rights auction on Wednesday.

The Buzios block was won by the companies by offering the minimum profit oil allowed for that area, of 23.24%.

Brazil’s state-run oil company Petrobras was the sole bidder for the block Itapu, the second one awarded during the country’s Transfer or Rights auction on Wednesday.

The firm won the area with the minimum profit oil allowed of 18.15%.

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