Brazil seeks at least $ 7 billion in the auction of the largest oil find

The global Times

Brazil expects at least 15 billion reais (7 billion$) of any company or group rights for major pipelines found balance, which is put up for auction in October, an official with regulator of the country, said Thursday.

Balance, with about 12 billion barrels of oil recoverable or sufficient to meet a year and a half of use of oil to the United States, perspective is largest of the world to be put up for auction.

Production is expected to start in five years.

Brazil expects more than 1 million barrels per day ((bpj) BPD) of oil out of balance, said the Director general of the national Brazilian Agency of petroleum, natural gas and biofuels (ANP), Magda Chambriard, on the sidelines of a conference of the industry in Singapore Thursday.

Click here to read more

View the original article here