Brazil Unveils Details of Oil Rights Auction in Marginal Areas

Brazil's oil industry regulator ANP said on Thursday it plans to auction rights to up to 10 areas with marginal accumulations of petroleum and gas on March 24, one of three hydrocarbon-rights auctions planned for 2017.

The areas the ANP plans to offer for sale in its fourth round of marginal rights sales are Garça Branca, Rio Doce and Rio Mariricu, in the Espirito Santo Basin, Irauna, Noroeste do Morro Rosado and Urutau in the Potiguar Basin and Araçás Leste, Itaparica, Jacumirim and Vale do Quiricó in the Recôncovo Basin, the agency said in a statement.

All the areas are in older declining regions onshore.

The auction areas and rules will be put up for public review on Nov 21.