Ecopetrol, ONGC drop bids for Brazil's Libra auction

|About: Ecopetrol S.A. (EC)|By:, SA News Editor

Brazil's upcoming auction for its gigantic Libra offshore field just got a little leaner, as Colombia’s Ecopetrol (EC +0.6%) and India’s ONGC pull out three days before the Oct. 21 bidding day.

While the companies will not compete for an individual share of ownership of Libra, they could still participate in a group consortium bid.

The auction has been controversial in Brazil, and thousands of Petrobras (PBR) union workers went on strike on yesterday in protest of the participation of international companies.