Brazil Government announces 13th petroleum auction May 4, 2015
Brazil Mines and Energy Minister Eduardo Braga announced that Brazil will seek to raise as much as USD850 million with its 13th-round auction of oil and natural gas exploration rights in October. The auction will be under the concession regime, which is much more attractive to investors than the production sharing regime used in pre-salt where Petrobras is always operator by law and has a mandatory 30% stake of all blocks that are being explored, said government sources told the local press.
By Peter Howard Wertheim & Dayse Abrantes