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Brazil to go ahead with oil rights auction in May
January 10, 2013 / 2:42 PM / 5 years ago

Brazil to go ahead with oil rights auction in May

BRASILIA, Jan 10 (Reuters) - Brazil will go ahead with an auction of oil exploration concessions in May, Energy Minister Edison Lobão said on Thursday, the first such sale in five years.

Another auction of oil rights in the vast sub-salt region off Brazil’s southeastern coast will take place in November, the first under a new regulatory framework for the oil industry, Lobão said.

President Dilma Rousseff authorized the auctions in a meeting on Thursday, Lobão said. He added that Brazil will also seek to start exploration for shale gas.

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