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Brazil auctioning off huge oil block

October 21. 2013 10:36AM
Associated Press

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(AP) Brazil's government plans to announce the results of the auction of its largest offshore oil block, which could hold up to 12 billion barrels.

Monday's oil auction is the first in Brazil since the government created new production-sharing agreements.

Those new rules mandate that Brazil's state-run oil company Petrobras be the sole operator of the fields and hold a minimum 30 percent stake in them.

That's viewed as effectively cutting the profit for private oil companies.

The new rules sharply dampened interest in Monday's auction. Major oil companies such as Exxon and BP didn't participate.

Brazil has discovered offshore reserves that could hold upward of 100 billion barrels of oil. That could make it one of the globe's top exporters.

Associated Press

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