Federal Government to auction 2.8 million barrels of oil in May

The Federal Government will auction 2.8 million barrels of oil on May 16. The public notice is open for public consultation until April 24, during which time suggestions can be made to change the process.

This will be the first oil auction Brazil will make. The government estimates that barrels could yield up to R $ 500 million. The union informed that the bidding will be coordinated by Pre-salt Petróleo, state responsible for the commercialization of the oil that belongs to Brazil.

The barrels will be divided into four lots, which can be purchased by a single buyer or by several companies. The auction will be on the São Paulo Stock Exchange. Source: Destak.
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