Brazil auctions off several Amazon oil sites despite environmentalists and Indigenous protests [Yahoo! Finance Canada]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Yahoo! Finance Canada
BRASILANDIA, Brazil (AP) — Brazil auctioned off several land and offshore potential oil sites near the Amazon River on Tuesday as it aims to expand production in untapped regions despite protests from environmental and Indigenous groups The event came months before Brazil is to host the U.N.'s first climate talks held in the Amazon . The protesters outside Tuesday's venue warned of potential risks that oil drilling poses to sensitive ecosystems and Indigenous communities in the Amazon. A luxury Rio de Janeiro hotel hosted the auction conducted by the National Oil Agency. Most of the 172 oil blocks for sale are located in areas with no current production, such as 47 offshore locations close to the mouth of the Amazon River and two sites inland in the Amazon near Indigenous territories. Nineteen offshore blocks were awarded to Chevron, ExxonMobil, Petrobras and CNPC. The oil companies see the area as highly promising because it shares geological characteristics with Guyana, where
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