As reported by Reuters, Petrobras and CNODC, a unit of China National Petroleum Corp, were yesterday awarded rights in Brazil's sixth pre-salt auction to explore and produce oil at the Aram block in the Santos Basin by offering the minimum allowed profit oil of 29.96%.
Four other blocks on offer received no bids.
In a press conference following the auction, Brazilian authorities expressed disappointment. Decio Oddone, the head of Brazilian oil regulator ANP, said he expected at least three of the oil blocks to receive offers, adding that the rules for auctions needed to be changed.
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Part of the company's 10-year plan includes a free cash flow of approximately US$50 billion based on a real WTI price of US$50/bbl and annual capital expenditures averaging less than US$7 billion over the decade.