The Brazilian government on Friday raised R$6.8 billion at an auction of development rights for four off-shore oil blocks. All four blocks are located in the so-called pre-salt region, an area of ultra-deep reserves. Winning consortiums included some of the biggest names in global oil development such as Total, Shell, BP and Exxon-Mobil as well as Brazilian state-run company Petrobras. Winners bought development rights for a period of 35 years.
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