LatinNews Regional Monitor: Brazil & Southern Cone - 7 November 2019

* The Brazilian government has announced that it has only managed to raise 65% of the revenues it hoped to obtain from the auction of four offshore oil concessions. The government was expecting to raise US$26.6bn from the so-called ‘mega auction’ of concessions to exploit fields in the ‘pre-salt’ deep water fields. However, only two of the concession were successfully awarded after there was little interest in the other two and the government only collected US$17.5bn. The concession for the ‘Itapú’ field was awarded to state-owned oil firm Petrobras, while the concession for the ‘Búzios’ field was awarded to a consortium comprised of Petrobras and Chinese oil firms CNODC and CNOOC which will each have a 5% stake in the venture with Petrobras retaining a 90% stake.

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