In an encouraging development for Brazil’s offshore oil exploration and production (E&P) sector, a bevy of big industry names queued up for the latest rights on offer agreeing to fork up $2.2 billion.
On Thursday (October 10), the country’s government confirmed that ten companies had agreed to pay the amount for drilling rights in 12 offshore oil blocks, with the country’s pre-salt deposits, i.e. exploration prospects in which billions of barrels of oil are trapped beneath a layer of salt underneath the ocean bed, attracted the most attention.
By Gaurav Sharma via Forbes