Weekly Report - 14 November 2019 (WR-19-45)

BRAZIL | Oil ‘mega-tender’ disappoints. High expectations had surrounded the so-called ‘mega-auction’ of offshore oil concessions held by Brazil’s national oil agency (ANP) on 6 November, forecast to see over a dozen international oil companies bid and bring in R$106.6bn (US$25.5bn) in signing bonuses. The reality was somewhat disappointing, with only seven of the 14 companies registered to bid attending the auction, and only two of the four blocks receiving offers at the minimum signing fee.