- Brazil auctioned off six of eight exploration blocks in today's historic opening of its coveted pre-salt offshore oil region to foreign operators, exceeding the government's expectations with commitments for 6.15B reais ($1.88B) in signing bonuses.
- Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B) was especially active, winning stakes in half the blocks awarded and bolstering its position as the largest foreign operator in Brazil’s offshore oil sector, second only to state-run Petrobras (NYSE:PBR); Shell believes it can pump oil from the pre-salt fields at below $40/bbl.
- BP took two blocks, including the Peroba block, which is estimated to contain 5.3B barrels of oil; it won as part of a consortium that included PBR and a Chinese group.
- Exxon Mobil (NYSE:XOM) grabbed the Norte de Carcará block - which holds an estimated 2.2B barrels of oil, in a consortium with Statoil (NYSE:STO), which says it also sold a stake in a nearby block to XOM for $1.3B.
- Brazil Pres. Temer says the auction will generate investments of more than 100B reais ($30B) in the country by the winning oil companies.
- ETFs: EWZ, BRZU, BZQ, UBR, DBBR, FBZ
- Now read: Statoil ASA 2017 Q3 - Results - Earnings Call Slides
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Shell, BP, Exxon big winners in historic Brazil oil auction
Published 10/27/2017, 05:45 PM
Shell, BP, Exxon big winners in historic Brazil oil auction
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