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Big Oil Bids For Brazilian Oil Blocks

Big Oil majors will bid for two exploration blocks in Brazil's prolific pre-salt zone today, with the eleven competitors including Exxon and Shell, as well as Brazilian companies. This will be the second tender of the two blocks, Sepia and Atapu, after a tender in 2019 failed to attract any bids. The state is asking for a signing bonus of almost $2 billion for the two blocks, Reuters reports.

"Based on the interactions we're having with CEOs, we are expecting competition," the head of Brazil's oil watchdog told Reuters. For Exxon, this would be…

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