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Ecopetrol, ONGC drop bids for Brazil's Libra auction

  • 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.
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