Petrobras faults high price, regulatory uncertainties for auction failure

Petrobras CEO Roberto Castello Branco said the reason most major oil companies didn’t show up for Brazil’s massive auction was because of the astronomic price tag and regulatory uncertainties.

“The amount that companies would need to commit upfront, with license fees and compensation to Petrobras, was too high,” Castello Branco said in an interview Wednesday at the Petroleo Brasileiro SA headquarters in Rio de Janeiro. “We haven’t given up on our partners; they’ve given up on us.”

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