OGX and BG win Barreirinhas blocks in Brazil's oil auction

Tue May 14, 2013 11:15am EDT
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RIO DE JANEIRO May 14 (Reuters) - Brazil's OGX and Britain's BG Plc won offshore oil and gas exploration blocks in a frontier region of Brazil's Barreirinhas offshore basin at an auction on Tuesday conducted by oil regulator ANP.

The companies won the rights to blocks off the Brazilian state of Maranhão. The area is part of a swath of the country's far northern coast known as the "Equatorial Margin."

Brazil's ANP believes the Equatorial Margin blocks on offer may contain about 30 billion barrels of oil in place. While actual production would probably be far less, that's enough oil for nearly 11 months of global oil demand.