Brazil to Auction New Oil Concessions

By Andrew Willis, Contributing Reporter

RIO DE JANEIRO, BRAZIL – The Brazilian government has announced that it will restart oil exploration rights auctions in 2013, ending a five-year hiatus that has complicated the investment decisions of oil companies operating in Brazil. Speaking from Brasília last week, energy minister Edison Lobao surprised senior civil servants and oil executives with the announcement, but cautioned that the new round would depend on congress passing a new law on oil royalties.

Lobao said he expects the bill to pass by the end of this year, allowing Brazil’s eleventh round oil concession auction . . .

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