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Group led by Petrobras wins rights to Brazil's Libra oil field

Reuters  |  RIO DE JANEIRO 

RIO DE JANEIRO (Reuters) - Brazil sold production rights to develop the giant offshore Libra oil area to a consortium led by Brazilian state-run oil company Petroleo Brasileiro SA in an auction with a single bid on Monday.Petrobras, as the Brazilian company is known, took 40 percent of the field, 10 percent above the legal minimum. France's Total SA and Anglo-Dutch Royal Dutch Shell Plc will each have 20 percent while China National Petroleum Corp and China's CNOOC will each have 10 percent.The companies will give 41.65 percent of their profit oil - or oil produced after initial ...

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First Published: Mon, October 21 2013. 23:29 IST