November 6, 2019 / 2:40 PM / 12 days ago

Petrobras shares plunge after it wins two uncontested blocks in TOR auction

SAO PAULO (Reuters) - Shares in Brazil’s state-run oil firm Petroleo Brasileiro SA fell more than 3% on Wednesday, erasing earlier gains of 3%, after it won the first two blocks in a huge auction of offshore rights without any rival bids.

A Petrobras consortium including China’s state-run companies CNOOC and CNODC won the massive Buzios oil block and the Brazilian firm alone won the Itapu block — both with the minimum allowable bids. The lack of competition underscored the costly terms of the blockbuster oil round, which had discouraged several major oil firms.

Reporting by Paula Laier; Writing by Brad Haynes; Editing by Chizu Nomiyama

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