Brazil approves 64 companies to bid on 11th round of oil blocks
BY JEFFREY T. LEWIS
SAO PAULO -- Brazil has approved 64 companies to bid in the 11th round of auctions of oil and natural gas exploration blocks ANP said.
That was a record, surpassing the previous number of 61 for the ninth round of auctions in 2007, the ANP said.
A total of 71 companies had submitted documentation to bid. Among the companies approved were OGX Petroleo e Gas and Petrobras; the Brazilian units of Shell, Exxon Mobil, Repsol, BP, Chevron and Hess.
The 11th round of auctions should raise more than $500 million in signing bonuses, ANP Director Magda Chambriard said in February.
The auctions will be held in May.
Dow Jones Newswires