Total and BP Outbid Oil Rivals for Brazil Amazon Coast Licenses
This article is for subscribers only.
BP Plc and Total SA, Europe’s biggest oil companies after Royal Dutch Shell Plc, won exploration rights in the Amazon basin as Brazil’s first oil auction in five years attracts a record level of bids.
Total, based in Paris, gained exploration access to operate five blocks at the Foz do Amazonas basin in northern Brazil together with partners BP and Petroleo Brasileiro SA, the oil regulator said today. London-based BP won an additional license to operate a block at the same basin in partnership with Petrobras, as the state-controlled oil company is known.