Why Brazil’s Oil Auctions Will Fail Again

Big Oil will likely snub Brazil’s huge oil auctions next year, just as they did in this year’s highly anticipated bid rounds, because projects and prospects around the world are competing for the majors’ disciplined capital spending, the head of BP in Brazil told local economic daily Valor Economico in an interview. Assets in other countries will be more attractive than Brazil’s resources, BP Energy Brazil’s president Adriano Bastos told Valor Economico. The foreign oil firms who stayed away from the two auctions last…