Big Oil stuns Brazil in back-to-back auction flops

Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up promising offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA (PETR4.SA).

The only block awarded in Thursday’s bidding went to the Brazilian oil firm, known as Petrobras, and Chinese state firm CNODC, a unit of China National Petroleum Corp, who offered the minimum bid. Four other blocks received no bids.

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