Brazil confident about pre-salt auction

RIO DE JANEIRO, October 27, 2017 – Brazil’s energy minister has appealed a court-backed suspension of a state E&P auction that was scheduled for today, international media has reported.

Minister Fernando Coelho Filho told Reuters that regardless of the injunction, he expected the bid round to move forward as planned.

“We believe the suspension will not remain in place. We will see a great auction,” Coelho Filho was quoted as saying by Reuters.

The auction was halted late Thursday night when a federal judge intervened at the behest of Brazil’s Workers Party.

Eight blocks with more than 12 billion boe in reserves will be offered in the bidding round, targeting the country’s pre-salt layer. Many large oil and gas companies are expected to participate in the tender, including ExxonMobil, Chevron and Shell.

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