U.S. willing to help Brazil improve oil auctions, official says

RIO DE JANEIRO, Feb 2 (Reuters) – The U.S. government is ready to help Brazil design more effective oil auctions, the U.S. secretary of energy said on Sunday, after the South American nation’s attempt to sell tens of billions of dollars of production rights to private firms last year largely flopped.

In November, Brazil, a staunch U.S. ally under far-right President Jair Bolsonaro, tried to sell the rights to four offshore oil producing zones in a process that could have fetched some 106.5 billion reais ($25.5 billion) for the government.


By Gram Slattery via Reuters


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