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Exxon, BP, BG to pass on bids for Brazil offshore Libra prospect
September 19, 2013 / 2:59 PM / in 4 years

Exxon, BP, BG to pass on bids for Brazil offshore Libra prospect

Exxon Mobil Corp, BP Plc and BG Group Plc decided not to make bids for the giant offshore Libra oil prospect that Brazil plans to auction on Oct. 21, Magda Chambriard, head of Brazil’s oil regulator ANP, said on Thursday.

The decisions by the three international giants - two of which, BP and BG, already have large investments in Brazil near Libra - have helped frustrate Chambriard’s expectation that more than 40 companies would take part in the auction.

As of yesterday’s deadline, less than 40 companies had paid the 2.05 million real ($931,818) fee to guarantee a spot at the auction, Chambriard told reporters in Rio de Janeiro.

Earlier on Thursday, Chambriard said that at least 12 companies had paid the initial entry fee. The ANP will publish a complete list of preliminary participants on Thursday, the regulator’s press office said on Wednesday.

The ANP said Libra holds 8 billion to 12 billion barrels of recoverable oil, enough to supply all current world oil needs for three to five months.

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