Brazil oil bidding results point to successful auctions to come

Jair Bolsonaro, President of Brazil

Rio De Janeiro — Brazil’s mines and energy minister said the positive results of Thursday’s round of bidding for the country’s offshore oil blocks point to successful auctions later this year of the so-called Transfer of Rights area and pre-salt oil find.

Minister Bento Albuquerque said that Thursday’s auction surpassed expectations, following the conclusion of bidding.

Oil regulator ANP said that the auction would result in cumulative bonus payments of 8.9 billion reais ($2.16 billion).