Deals

Brazil Oil Flop Continues for Second Day as Majors Abstain

Petrobras, with CNODC, makes successful bid for Aram block
In echo of Wednesday’s auction, four other blocks go unsold

Motorists drive past an oil storage tank at the Petrobras Transporte SA (Transpetro) sea terminal in Sao Sebastiao, Sao Paulo state, Brazil.Photographer: Dado Galdieri/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Sabrina Valle, Peter Millard, and Luiza Ferraz

November 7, 2019 at 1:29 PM UTC

This article is for subscribers only.

For the second day, state-controlled energy giant Petrobras led the sole bid as major foreign producers sat out an auction of Brazilian oil deposits.

Petroleo Brasileiro SA, as the company is also called, made a successful joint bid with China National Oil & Gas Exploration & Development Co. for the Aram block in Thursday’s sale at the minimum price. The four other blocks in the auction in Rio de Janeiro received no bids.