November 6, 2019 / 2:37 PM / 3 months ago

Petrobras shares plunge after it wins two uncontested blocks in TOR auction

SAO PAULO, Nov 6 (Reuters) - Shares in Brazil's state-run oil firm Petroleo Brasileiro SA fell more than 3% on Wednesday, erasing earlier gains of 3%, after it won the first two blocks in a huge auction of offshore rights without any rival bids.

A Petrobras consortium including China's state-run companies CNOOC and CNODC won the massive Buzios oil block and the Brazilian firm alone won the Itapu block — both with the minimum allowable bids. The lack of competition underscored the costly terms of the blockbuster oil round, which had discouraged several major oil firms. (Reporting by Paula Laier Writing by Brad Haynes Editing by Chizu Nomiyama)

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