Brazil oil auction sets new record for upfront bonuses

Tue May 14, 2013 2:33pm EDT
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RIO DE JANEIRO May 14 (Reuters) - Brazil's oil regulator, ANP, said that bidders in its oil auction on Tuesday broke the 2007 record for upfront bonuses, with companies pledging 2.425 billion reais ($1.21 billion) for exploration and production rights of oil blocks so far.

Brazil's Petrobras, France's Total and Norway's Statoil together agreed to pay 130 million reais ($65 million) for the rights to the ES-M-669 block off the coast of Brazil's state of Espirito Santo, 24 times the minimum bidding price.