Big Oil Stuns Brazil in Back-to-Back Auction Flops

By Marianna Parraga, Gram Slattery and Marta Nogueira RIO DE JANEIRO, Nov 7 (Reuters) - Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up promising offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA. The only block awarded in Thursday's bidding … [Read more...]

Brazil’s Biggest-Ever Oil Auction a ‘Total Disaster’ as Bidders Stay Away

By Sabrina Valle, Peter Millard and Luiza Ferraz (Bloomberg) --Brazil’s largest-ever auction of oil deposits flopped, sending the real tumbling, after state-controlled Petroleo Brasileiro SA did most of the bidding while other major oil companies stayed away. Petrobras, as the company is known, joined with China’s Cnooc Ltd. and China National Oil & Gas Exploration & … [Read more...]

Exxon Makes Major Bet on Brazil as Petrobras Eases Its Grip

By Sabrina Valle and Kevin Crowley (Bloomberg) -- In a single year, Exxon Mobil Corp. has gone from being a tiny bit player in Brazil to the second-largest holder of oil exploration acreage, trailing only state-controlled Petroleo Brasileiro SA. The last 24 concessions the U.S. giant bought with its partners may hold 41 billion barrels, based on preliminary … [Read more...]

Big Oil Is Heading to Rio With $50 Crude No Longer a Nightmare

By Sabrina Valle and R.T. Watson (Bloomberg) - Leaner and fitter after three years of low prices, Big Oil is descending on Rio de Janeiro to join a deep-water bonanza that has already helped state-controlled Petrobras emerge from financial heartache. Output is surging at Brazil’s so-called pre-salt region. This decade it has gone from nothing to 1.3 million barrels a day. … [Read more...]

How One Lone Oil Rig Embodies the Brazil Boom That Never Was

  By Sabrina Valle and Peter Millard (Bloomberg) -- Oil majors had big plans for Brazil, but you can’t tell by looking at the country’s offshore drilling these days. After crude was first struck in the pre-salt formation in the seas off Rio de Janeiro, producers including BP Plc and Total SA were ready to flock to Brazil with billions of dollars in investments. … [Read more...]