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Oil Industry Slams Terms of Brazil's Planned Block Auction

Source: Reuters 8/3/2015, Location: South America

Aug 3 Terms for Brazil's 13th Oil Round, in which the government hopes to sell rights to 266 exploratory blocks in early October, "are the worst ever", the Brazilian Petroleum Institute (IBP) that represents potential investors said.

The IBP said it fears the auction could fail due to contract clauses that would restrict concession holders' rights to seek extra-judicial arbitration. They would also be obliged to pay fines for local content violations before appeals were settled.

Despite the unattractive terms of the auction, the IBP's executive secretary, Antonio Guimaraes, said the blocks that are due to be auctioned in early October offered potentially attractive prospects.

The auction is due to unfold amid a backdrop of falling global crude prices and the on-going corruption scandal that has ensnared most of Brazil's local oil industry, and most importantly Petrobras.

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