Petrobras-led group wins rights to Brazil's Libra oil field
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 per cent of the field, 10 per cent above the legal minimum.
France's Total SA and Anglo-Dutch Royal Dutch Shell Plc will each have 20 per cent while China National Petroleum Corp and China's CNOOC will each have 10 per cent.
The companies will give 41.65 per cent 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 per cent.
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