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Brazil approves more oil exploration blocks for May auction

BY JEFF FICK

RIO DE JANEIRO--Brazil has approved an additional 117 oil and natural gas exploration blocks to be sold at a concession auction scheduled for May.

The additions were published in the country' s Federal Register.

The move brings the total number of blocks up for bid at the so-called 11th round concession auction, the country' s first since 2008, to 289 blocks.

The auction is expected to generate heavy interest from global oil companies because it includes exploration acreage in a promising region known as the equatorial margin. The area is believed to hold oil reservoirs similar to those discovered off the west coast of Africa and to Brazil' s north in French Guyana.

Dow Jones Newswires

 

02/28/2013

 

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