Economics
Oil Auction Falling Flat Is Boon for Petrobras: Corporate Brazil
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Brazil’s failure to attract more than one bid for a license to develop the country’s biggest oil discovery is a windfall for state-run Petroleo Brasileiro SA.
Petrobras rose the most in two months yesterday after partnering Royal Dutch Shell Plc and Total SA to win a 35-year concession for the Libra prospect. Without any other offers, the group picked up what could become one of the two largest deep-water fields for the minimum government profit pledge.