Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Tunisia's Parliament votes on new Government

Read more

MEDIAWATCH

French court rules #burkini ban "clearly illegal"

Read more

THE WORLD THIS WEEK

Biden in Turkey, Colombia Peace Deal, Ethiopia Olympic Protest (part 2)

Read more

THE WORLD THIS WEEK

Earthquake in Italy, French Burkini Ruling (part 1)

Read more

FRANCE IN FOCUS

The hidden secrets of Les Invalides

Read more

FOCUS

Pro-Opposition stronghold Port-Gentil feverishly awaits presidential elections

Read more

ENCORE!

Alexis Michalik: treading the boards in the footsteps of 'Edmond'

Read more

REPORTERS

Getting away with murder in DR Congo

Read more

IN THE PAPERS

'Why does Italy refuse to see the seismic risk?'

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)