Brazil Planning New Rounds of Oil-Rights Auctions in 2017 3rd Quarter

Source: Reuters 9/23/2016, Location: South America

Brazil is likely to hold its 14th round of oil rights concession auction and its second-ever auction of sub-salt production sharing rights at the same time in the third quarter of 2017, an Energy Ministry official told reporters.

The government also plans to hold an auction for marginal oil and gas fields in March, said Marcio Felix at an event in Rio de Janeiro. He also said Brazil expects to conclude negotiations by year end with state-led oil company Petroleo Brasileiro SA over the price of 5 billion barrels of oil in offshore discoveries known as the transfer of rights areas.


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