Brazil confirms Libra auction, reopens for big oil business

• Brazil’s government confirmed this week it will hold an auction Oct. 21 to sell the huge Libra offshore oil field, estimated to hold 8B-12B barrels of recoverable crude oil, which would make it the largest deepwater oil field ever discovered - and possibly the most expensive project ever developed, with payback unlikely for more than a decade.
• The sale is expected to generate significant interest from the world's largest oil companies, but they likely would have to team with the bumbling Petrobras (NYSE:PBR).
• Brazil may be a coming energy superpower, but previous high production expectations haven’t been fulfilled despite massive discoveries.
• ETFs: EWZ, BRF.