Total Collapse In Interest For Oil Assets: Brazil Oil Auction Is Near Complete Failure

by Tyler Durden
ZeroHedge.com
0/07/2015

Brazil, which is caught in a vicious recessionary spiral which is only set to get much worse before it gets better, tried to obtain some much needed cash when earlier today it conducted an auction to sell exploration rights for of its oil and gas. It was, in short, a disaster. According to Reuters, by midday Brazil had only sold 17 of 119 blocks offered. A total of 36 companies from 17 countries – including Petrobras, ExxonMobil Corp, BP Plc and Royal Dutch Shell Plc – registered for the auction. None of the majors have bid so far. Only a handful of sold blocks were even contested.

The Rest…HERE

This entry was posted on Wednesday, October 7th, 2015 at 4:51 pm and is filed under Economics, Oil, World Politics. You can follow any responses to this entry through the RSS 2.0 feed.