Brazil Holds Its Most Successful Oil Auction
September 27 2017 - 2:40PM
Dow Jones News
By Paul Kiernan
RIO DE JANEIRO -- Brazil held its most successful oil auction
ever Wednesday, as a new partnership between state-run Petróleo
Brasileiro SA and Exxon Mobil Corp. shelled out more than $1.1
billion in signing bonuses amid an improving regulatory
environment.
Petrobras and Exxon teamed up in six exploration blocks in the
Campos Basin, off Brazil's southeastern coast, that are believed to
hold oil in an ultra-deep layer known as the "pre-salt." Though
companies agreed to split the financial burden 50-50, Petrobras
will operate all six blocks.
The auction marked a return by Exxon to Brazil after the company
abandoned efforts to drill in the neighboring Santos Basin in 2012.
Exxon Mobil's chief executive in Brazil, Carla Lacerda, declined to
comment on the company's partnership with Petrobras.
Write to Paul Kiernan at paul.kiernan@wsj.com
(END) Dow Jones Newswires
September 27, 2017 14:25 ET (18:25 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
PETROBRAS PN (BOV:PETR4)
Historical Stock Chart
From Mar 2024 to Apr 2024
PETROBRAS PN (BOV:PETR4)
Historical Stock Chart
From Apr 2023 to Apr 2024
