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Brazil to Auction 172 Oil Blocks in May

By Andrew Willis, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – Brazil is set to auction off 172 oil exploration blocks this May, according to a government announcement last week. The auction will end a five-year hiatus that has complicated the business strategies of oil firms operating inside the country.

Speaking in Brasília, Energy Minister Edison Lobão also said a second auction of blocks in the promising sub-salt region off Brazil’s south-eastern coast would take place in November.

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