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2019-09-11 11:30:00

BRAZIL'S OIL: $26 BLN

BRAZIL'S OIL: $26 BLN

GT - Brazil has announced the rules for an auction of oil drilling rights worth $26bn, setting the stage for Latin America's top crude producer to become an even bigger player in the global market.

The auction, scheduled for November 6, paves the way for foreign explorers like Exxon Mobil Corp and Royal Dutch Shell Plc to unlock Brazil's vast deepwater oil reserves, which are estimated to hold enough crude to meet the entire world's demand for almost six months. Brazil is opening its energy markets to private companies as the nation seeks to pay down debt and compete with Opec for market share.

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Tags: BRAZIL, OIL
Chronicle:
BRAZIL'S OIL: $26 BLN
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