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Economy & Business - November 2019

Oil & Gas: Brazil’s big auction

A major oil and gas licensing auction, which took place on 6 November and had been billed a ‘mega-tender’, was expected to raise around US$25bn in signing fees and confirm the Brazilian offshore as a world-class prospect for hydrocarbon exploration and production (E&P). The disappointing result of the auction raises questions as to the whether Brazil’s bidding system needs an overhaul.

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