By Nelson Belen, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Representatives from the oil industry’s heavyweights were in Rio de Janeiro on Friday, October 27th, as Brazil held its much-anticipated auction of eight blocks in the highly sought-after pre-salt region.

In the end, six of the eight blocks were auctioned, which, according to the National Agency of Petroleum, National Gas and Biofuels (ANP), generated US$1.9 billion (R$6.15 billion) in signing bonuses and will lead to US$233 million (R$760 million) in investment from the winning companies.

Brazil's Subscribe to our Premium Membership Plan. Already Subscribed? Login Here