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Brazil's Temer sees $30 billion pre-salt investments, $130 billion in royalties

FILE PHOTO: Brazil's President Michel Temer attends a ceremony to deliver the Order of Aeronautical Merit medals, in Brasilia, Brazil, October 23, 2017. REUTERS/Ueslei Marcelino/File photo

BRASILIA (Reuters) - Brazilian President Michel Temer said Friday’s auction of pre-salt offshore oil blocks will generate investments of more than 100 billion reais ($30.8 billion) in Brazil by the winning oil companies.

“We had an excellent result,” Temer said in a statement. He said the exploration of the pre-salt reserves should bring in about $130 billion in royalties and other revenues, and the investments will create 500,000 new jobs for Brazil.

Reporting by Anthony Boadle

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