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Stock impact report

Brazil auctions off several Amazon oil sites despite environmentalists and Indigenous protests [BNN Bloomberg (Canada)]

Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A) 
US:NYSE Investor Relations: investidorpetrobras.com.br/en
Company Research Source: BNN Bloomberg
The event came months before Brazil is to host the United Nations' 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 some of the largest offshore oil discoveries of the 21st century have been made. This region is considered to have high potential risk due to strong currents and the proximity to the Amazon seashore. Under public pressure from Show less Read more
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