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