Update: Only Shell, Ecopetrol Place Bids in Disappointing Brazil Oil Auction

The combined minimum bids for all the 92 blocks up for grabs was 558 million reais, though only five blocks received bids, all of which were in the Santos Basin off the coast of southeast Brazil.

Marta Nogueira and Gram Slattery, Reuters

Brazil is set to sell E&P rights in dozens of offshore oil producing blocks on Oct. 7, in an auction that is small by local standards but will offer opportunities for majors to snap up potentially prolific assets.

In total, there are 92 blocks up for grabs in four offshore zones known as basins, spread throughout Brazil. The minimum bids for all the blocks combined comes to roughly 558 million reais ($102 million). Although it is likely some blocks will receive more than the minimum bid, many blocks will probably receive no bids at all.

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