Brazil misses mark in oil auction

Brazil misses mark in oil auction

M&A Energy Gas Economy & Policy Corporate & Sovereign Strategy Regulation Brazil China

The Brazilian government raised BRL70 billion ($17.1 billion) from an auction of offshore oil blocks on Wednesday, when it had expected to earn as much as BRL107 billion.The national petroleum agency ANP said it sold two of the four blocks on offer, both to the state-owned oil company Petrobras, and pointed out that the government had never earned as much from licensing fees in previous auctions.Petrobras led China National Offshore Oil Corporation (CNOOC) in a consortium that offered a signing

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