Brazil is counting on the oil majors to participate in the October auction for rights to develop...

|By:, SA News Editor

Brazil is counting on the oil majors to participate in the October auction for rights to develop the huge Libra oil discovery that's expected to produce 1M-plus bbl/day by 2018. But companies would have to swallow hard: The government expects an upfront payment of at least 15B reais ($7B) from the winner, plus at least 40% of Libra's output after expenses for the government to sell on its own account.