Brazil' s ANP OKs Shell, Repsol, OGX for May oil bid round
BRASILIA -- Shell, Repsol and OGX are among qualifiers to bid in Brazil' s 11th round oil exploration area bidding scheduled for May, the country' s National Petroleum Agency, or ANP, has revealed. The information was published in the country' s federal register and on the agency' s website. Additionally, the ANP said local energy and construction company Queiroz Galvao also qualified to participate in the bidding round.
The auction for the oil areas was authorized by Brazilian President Dilma Rousseff late last year following the approval of oil sector reform legislation, and is the first to be held in Brazil since 2008. The companies named were the first approved among 60 companies that have applied to participate in the bidding, which is scheduled for May 14-15.
The auction for 172 oil exploration blocks approved so far for the round is expected to raise at least $255 million for the government in signing fees alone.
Dow Jones Newswires