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

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 <0883.HK> will each have 10 percent.

The companies will give 41.65 percent of their profit oil - or oil produced after initial investment costs are paid - to the Brazilian government under a new production-sharing contract. That minimum bid established by law was also 41.65 percent.

 

(Reporting by Jeb Blount; Writing by Caroline Stauffer; Editing by Gerald E. McCormick)