Brazil approves 64 companies to bid on 11th round of oil blocks

4/15/2013

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

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