MENU

Brazil oil block goes to Shell, Total, China firms

October 21, 2013 • Business


PPSA President Oswaldo Pedrosa, center, poses with Brazil’s Minister of Mines and Energy Edison Lobao, second from left, National Oil Agency executive Sergio Henrique de Souza Almeida, second from right, and other unidentified oil company representatives after the winner of the auction for the Libra offshore oil field was announced in Rio de Janeiro, Brazil, Monday, Oct. 21, 2013. A consortium including Shell, Total, two Chinese firms and Brazil’s state-run petroleum company Petrobras won the right to develop the oil field. (AP Photo)

RIO DE JANEIRO (AP) — A consortium including Shell, Total, two Chinese firms and Brazil’s state-run petroleum company Petrobras won the right to develop an offshore field that could hold up to 12 billion barrels of oil, Brazil’s government said Monday.

It was the first auction held under a new legal framework meant to give Petrobras and Brazil more control over its finds in recent years, oil buried deep under water and a formidable layer of salt, reserves that could hold 100 billion barrels.

The decision managed to discourage both critics, who say the rules will scare off potential Login to read more

Related Posts

Comments are closed.

« »