Second Failed Brazil Oil Auction Has Officials Attacking Rules
- More blocks go unsold as major oil companies avoid bidding
- ‘In the end, we sold things to ourselves’: Economy Minister
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Brazil had its second failed oil auction in two days, prompting government officials and the head of the state-run producer to criticize bidding rules.
One of five available blocks received a bid on Thursday, a day after two out of four blocks went unsold. Once again, most major oil companies stayed away. Brazil’s Economy Minister said the almost complete absence of foreign players left him “terrified,” and that it send a message that it’s difficult to do business in Brazil.