Bids for Brazil Foz do Amazonas oil blocks 40 times minimum

Tue May 14, 2013 10:27am EDT
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RIO DE JANEIRO May 14 (Reuters) - Brazil's Petrobras and OGX, Britain's BP Plc and France's Total were some of the winners of Brazilian deepwater offshore oil and natural gas exploration blocks in the frontier region of Brazil's Foz do Amazonas offshore basin at an auction on Tuesday.

The winners bid 40 times the minimum price set by the government to win the rights to the blocks off the state of Amapá on Brazil's far-northern coast, part of an area known as the "Equatorial Margin."

A 2012 discovery in neighboring French Guyana raised expectations that oil- and gas-bearing structures similar to those in West African countries such as Nigeria could be found in Foz do Amazonas and other Equatorial Margin basins.