Last Updated :
16 March 2010 at 16:05 IST
Brazil to auction more oil, gas bloc this year
BRASILIA (Commodity Online) : Latin America’s largest economy, Brazil said it plans to auction more blocs for oil and gas exploration in 2010.
According to country’s Mines and Energy ministry, the auction would only take place once the proposed new regulatory body which will oversee oil concessions has been approved by Congress.
Areas located in the subsalt layer would not be included, the ministry said in a report.
Brazil suspended its annual offshore oil bidding rounds in 2007 after the discovery of the huge 5-to-8-billion-barrel Tupi subsalt field.
The government managed to hold one onshore round for blocs with smaller potential since then but no other rounds have occurred.
When Brazil suspended new concession rounds it announced it would attempt to rewrite the country's 1997 oil law in favor of moving to a production sharing system, with a larger government stake in future subsalt oil earnings.
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