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Group led by Petrobras wins rights to Brazil's Libra oil field
October 21, 2013 / 5:57 PM / 4 years ago

Group led by Petrobras wins rights to Brazil's Libra oil field

RIO DE JANEIRO, Oct 21 (Reuters) - Brazil sold production rights to develop the giant offshore Libra oil area to a consortium led by Brazilian state-run oil company Petroleo Brasileiro SA in an auction with a single bid on Monday.

Petrobras, as the Brazilian company is known, took 40 percent of the field, 10 percent above the legal minimum. France’s Total SA and Anglo-Dutch Royal Dutch Shell Plc will each have 20 percent while China National Petroleum Corp and China’s CNOOC will each have 10 percent.

The companies will give 41.65 percent of their profit oil - or oil produced after initial investment costs are paid - to the Brazilian government under a new production-sharing contract. That minimum bid established by law was also 41.65 percent.

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