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Brazil to sell oil fields at auction

Brazil will auction oil fields, except for the newly discovered pre-salt areas, authorities said Thursday.

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels, a regulatory department for the industry sectors concerning the natural resources, will restart the eighth round of auctions of oil fields, which had been suspended by a court dispute, Minister of Mines and Energy Edison Lobao said. However, the pre-salt areas where the state-owned oil giant Petrobras found promising oil reserves last year will not be put up for auction until new rules of exploitation of natural resources are hammered out, he stressed.

In the ninth round of auctions of oil fields taking place last year, participant companies protested against the exclusion of the pre-salt areas. But according to the minister, the 10th round of auctions of oil fields may be held in this year under the same conditions.

The Brazilian government was working on the rules of exploitation which was aimed to have all states in the country benefit from revenues coming from exploiting natural resources, said Lobao. (