November 6, 2019 / 2:23 PM / 15 days ago

Petrobras, Chinese oil companies win Brazil's largest block at TOR auction

RIO DE JANEIRO (Reuters) - A consortium led by Brazilian state-run oil company Petrobras and including China’s state-run companies CNOOC and CNODC was awarded the most promising block of the nation’s Transfer of Rights auction on Wednesday.

The Buzios block was won by the companies by offering the minimum profit oil allowed for that area, of 23.24%.

Reporting by Marianna Parraga and Gram Slattery; Editing by Chizu Nomiyama

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