Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

No strategy and a beige suit

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014

Read more

ENCORE!

Alain Choquette: A Hilarious Magician in Paris

Read more

FOCUS

France welcomes Iraqi Christian refugees

Read more

FRANCE IN FOCUS

Emmanuel Macron: A new economy minister with a pro-business agenda

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

#TECH 24

Changing the world, one video game at a time

Read more

IN THE PAPERS

Socialist Party summer conference kicks off in explosive atmosphere

Read more

  • EU leaders choose Tusk and Mogherini for top jobs, discuss Russia sanctions

    Read more

  • Dozens of UN peacekeepers still held by Syrian jihadists

    Read more

  • Opposition protesters clash with Pakistani police outside PM's house

    Read more

  • Austerity row overshadows French Socialist’s annual rally

    Read more

  • Egypt sentences Brotherhood leader Badie to life

    Read more

  • Ceasfire allows Gaza families to relax on the beach

    Read more

  • S. Africa condemns 'military coup' in Lesotho

    Read more

  • Kerry calls for 'coalition of nations' to battle IS militants

    Read more

  • Ukrainian plane with seven on board crashes in Algeria

    Read more

  • Exclusive: Fabius warns Russia of more sanctions

    Read more

  • IMF backs Lagarde amid French corruption probe

    Read more

  • Ebola drug ‘ZMapp’ heals all monkeys in study

    Read more

  • British killer escapes from French psychiatric hospital

    Read more

  • Police hunt for British boy with brain tumour taken to France

    Read more

  • Ukraine to relaunch NATO membership bid

    Read more

  • Suriname leader’s son pleads guilty to courting Hezbollah

    Read more

  • Mapping Ukraine: Canada and Russia in ‘tweet for tat’ row

    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)