Brazil Sells Exploration Rights To Oil Blocks Near Amazon River Mouth [Barron's]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Barrons
Two consortiums -- one comprising Brazil's state-owned Petrobras and US giant ExxonMobil, the other US multinational Chevron and China's CNPC -- spent $153 million on the rights to 19 of 47 deepwater blocks on offer in an area considered vulnerable to environmental harm. They are among 172 oil blocks, most of them offshore, placed on auction Tuesday, with some 30 companies registered to take part. Shortly after opening, rights to the first 19 blocks were snatched up as dozens of protesters gathered outside under a banner reading: "Stop the doomsday auctions." Green groups have expressed particular concern over the 47 Atlantic exploration blocks in an area near the mouth of the Amazon River that flows through the world's largest carbon-capturing tropical rainforest. If exploited, the 172 blocks would emit some 11.1 billion tons of CO2 equivalent into the atmosphere, according to Brazil's ClimaInfo research institute -- undermining the country's target to become a net zero emit
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