Tags: LT | Brazil | Oil | Auction

Brazil Oil Tender Brings $17 Billion to Sluggish Economy

Brazil Oil Tender Brings $17 Billion to Sluggish Economy

Wednesday, 06 November 2019 11:37 AM

RIO DE JANEIRO (AP) — The Brazilian government has secured about $17 billion dollars in an oil field auction, disappointing officials who had hoped to attract more investment.

Tenders to operate the offshore fields on Wednesday captured the attention of some of the world's biggest oil firms, including the United States' ExxonMobil and companies from China, Malaysia, and Norway.

Brazil awarded two of the four oil fields on offer.

Government officials, speaking before the auction, said they had hoped to secure $26 billion.

The auction's proceeds will be allocated among state oil company Petrobras, the federal government, as well as states and municipalities.

The oil fields, off the coast of Rio de Janeiro, hold estimated reserves of up to 15 billion barrels of oil.

Brazil's economy remains sluggish after emerging from a recession in 2017.

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The Brazilian government has secured about $17 billion dollars in an oil field auction, disappointing officials who had hoped to attract more investment.Tenders to operate the offshore fields on Wednesday captured the attention of some of the world's biggest oil firms,...
LT,Brazil,Oil,Auction
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2019-37-06
Wednesday, 06 November 2019 11:37 AM
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