Explainer: Translating TOR – How Brazil’s $26 billion oil rights auction works

RIO DE JANEIRO (Reuters) – Brazil’s Senate passed the main text of a bill late on Tuesday defining the distribution of proceeds from a blockbuster auction of oil prospecting rights, a key milestone for the enormous offshore region known as TOR – the ‘transfer-of-rights’ area.

The bidders who win exploration and production rights in the massive Nov. 6 auction will be obliged to pay the government a combined signing bonus of some 106.5 billion reais ($25.8 billion), making it the largest oil bidding round in history, according to Brazilian authorities.

By Gram Slattery and Marta Nogueira via Yahoo Finance

Read full article here

Share This

Chamber Updates Stay connected with Chamber activities