Brazil Oil Flop Continues for Second Day as Majors Abstain

For the second day, state-controlled energy giant Petrobras led the sole bid as major foreign producers sat out an auction of Brazilian oil deposits.

Petroleo Brasileiro SA, as the company is also called, made a successful joint bid with China National Oil & Gas Exploration & Development Co. for the Aram block in Thursday’s sale at the minimum price. The four other blocks in the auction in Rio de Janeiro received no bids.

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