Brazil raises $2.2 billion in oil auction; Total, Petronas invest big - Reuters

Brazil raises $2.2 billion in oil auction; Total, Petronas invest big - Reuters:

Ten companies on Thursday agreed to pay more than $2 billion for the exploration and production rights in 12 offshore oil blocks in Brazil, in what could be a promising sign for even bigger upcoming oil auctions.

The most heavily sought after areas in the Thursday auction directly border Brazil’s so-called pre-salt area, a coveted zone in which billions of barrels of oil are trapped under a thick layer of salt beneath the ocean floor.

Pre-salt blocks will be up for grabs in two much larger auctions scheduled for Nov. 6 and Nov. 7, including the so-called transfer-of-rights auction, which is expected to fetch around $25 billion for the government.