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LatinNews Regional Monitor: Brazil & Southern Cone - 08 June 2018

In brief: Brazil

* Brazil has auctioned off concessions for three 'pre-salt' oil blocks for R$3.15bn (US$830m), which was roughly in line with government expectations. Together, the blocks are believed to contain around 4bn barrels of recoverable oil. The most valuable asset, the Uirapuru (located in the Santos basin, off Rio de Janeiro state) concession, was won by a consortium formed of Petrogal (14%), Equinor (formerly known as Statoil, 28%), and Exxon (28%). Sixteen companies made bids for the three pre-salt blocks but a fourth received no offers. The head of Brazil’s petroleum regulator (ANP), Décio Oddone, described the auction as “extremely successful” and attracting “plenty of competition”.

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