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Brazil’s oil licensing round falls flat

Brazil only secured $17bn out of the hoped for $26bn in fees being sought by the government in the country’s latest licensing round, according to media reports.

President Bolsonaro is striving to boost Brazil’s oil production and reportedly wants to join OPEC. However, international bidders were said to have been deterred by high fees, as well as the requirement to work with state-owned Petrobras.

 

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