Major global oil firms snubbed a second Brazilian oil auction in a row on Thursd...
RIO DE JANEIRO - 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 disappointing result, following a lack of foreign interest in an even bigger Wednesday round, was a wake-up call to those who expected this week to crown Brazil as uncontested champion of the Latin American oil industry. “All majors are focused on capital discipline and value versus volume. They will not bid at any cost for pre-salt assets,” said Marcelo de Assis, head of Latin America upstream for consultancy IHS.
Decio Oddone, the head of Brazilian oil regulator ANP, said those special rights discouraged some rivals, adding that he was surprised at the results, as he expected at least three blocks to be awarded. Brazilian Mines and Energy Minister Bento Albuquerque said “it does not seem to make sense” for Brazil to maintain the special Petrobras rights exclusively in the area. He said the government must learn a lesson from the auctions to get better results in the future.
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