Exxon, BP, Petrobras May Bid for Brazilian O&G Rights

Thursday, September 27, 2007
Exxon Mobil Corp., BP Plc and Petroleo Brasileiro SA are among the companies interested in bidding for Brazilian oil and natural-gas exploration leases as the country seeks to increase its energy independence, according to a Bloomberg report. Brazil has 12.2 billion barrels of proven oil reserves, according to the National Petroleum Agency. Rio de Janeiro-based Petrobras is spending $112b through the end of 2011 under a plan designed to double worldwide production to more than 4 million barrels a day by 2015, the company said on its website. Brazil reportedly is offering rights to explore 313 offshore areas in nine basins and aims to get at $1.1b from selling these licenses. [Source: Bloomberg]

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