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Brazil to put up new pre-salt oil blocks for auction in October

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Christian Fernsby ▼ | April 19, 2019
Paulo Guedes
LatAm   Economy Minister Paulo Guedes

Brazil will hold an offshore oil deposit auction in October featuring blocks that were the object of a long-running dispute with state energy giant Petrobras.

Reuters reports, citing Economy Minister Paulo Guedes, that participants in the auction will need to cough up a signing bonus of a total US$26.9 billion for the four blocks.

The blocks, located in the presalt zone off the Brazilian coast, are part of an area the government awarded for exploration and development to Petrobras a decade ago.

Under the original deal, it had the right to extract 5 billion barrels of oil and gas based on the oil prices at the time.

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