Don't miss

Replay


LATEST SHOWS

THE DEBATE

What's the deal with oil? Saudi Arabia's about-face on OPEC (part 2)

Read more

THE DEBATE

What's the deal with oil? Saudi Arabia's about-face on OPEC (part 1)

Read more

BUSINESS DAILY

Dublin courts post-Brexit business

Read more

FOCUS

Afghanistan's national unity government faces political deadlock

Read more

REPORTERS

World War I: When northern France was on German time

Read more

INSIDE THE AMERICAS

Mixed reactions to historic Colombia peace deal

Read more

ENCORE!

The adventures of Hergé: Tintin's creator in the limelight

Read more

BUSINESS DAILY

Carmakers rev up for Paris Motor Show

Read more

BUSINESS DAILY

Paris Motor Show gets into gear

Read more

Business

Total, Shell among winners in Brazil oil auction

© Photo: AFP

Text by News Wires

Latest update : 2013-10-21

France’s Total, Anglo-Dutch giant Royal Dutch Shell and two Chinese firms joined Brazilian state operator Petrobras to win the rights to develop the massive Libra oil field in an auction held by the Brazilian government on Monday.

Brazil’s government says that a consortium including petroleum companies Shell, Total, two Chinese firms and Petrobras has won the auction to develop a massive offshore oil block.

It’s the first oil auction held under Brazil’s new rules that give more power to state-run Petrobras.

The Brazilian firm will be the sole operator and owns a 40 percent stake of the Libra oil field. It could hold upward of 12 billion barrels.

Both Shell and Total will own 20 percent, while Chinese companies CNOOC and CNPC each took 10 percent.

Under the new rules for offshore auctions, Petrobras is the sole operator of fields and must hold a minimum 30 percent stake in them.

Critics say that’s scared off private oil companies and will the slow the development of the offshore finds, which could hold upward of 100 billion barrels.

Just 11 firms took part in Monday’s bidding process, fewer than the 40 the Brazilian government hoped to attract.

(AP)

Date created : 2013-10-21

  • ECUADOR

    Ecuador to drill for oil in Amazon after donations failure

    Read more

  • FRANCE

    French court acquits Total in Iraq 'oil-for-food' case

    Read more

  • SUDAN - SOUTH SUDAN

    Sudanese president 'halts oil transfers' from South

    Read more

COMMENT(S)