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Brazil’s Oil Sale Could Generate Trillions

By Doug Gray, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – Some of the world’s biggest oil companies joined forces in a successful bid for the country’s first pre-salt offshore oil field, Libra, this week, the R$15 billion signing fee a fraction of what will be invested in the area in the coming years. Europe’s Shell and Total, along with two Chinese companies, will share the costs, and vast profits, with Petrobras.

President Dilma Rousseff dubbed the auction a great success, but others were less prone to superlatives in their assessment. As 1,100 army troops . . .

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