The largest-ever oil deposits auction of Brazil flopped, as state-controlled Petroleo Brasileiro SA, Petrobras, did most of the bidding while other major oil companies stayed away. Petrobras together with China’s Cnooc Ltd. and China National Oil & Gas Exploration & Development Co. submitted the winning bid for the prize of the auction, the giant Buzios field. Also, Petrobras was the only bidder for the Itapu block, while other oil majors, including Exxon Mobil Corp. didn’t make any bids, also Sepia and Atapu, received no bids.
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