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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
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.
Paulo Guedes
LatAm   Economy Minister Paulo Guedes
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.