Industry interest in Brazilian E&D seen waning

The bloom seems to be off the rose for Brazil's exploration and development scene.That can be seen in the diminished interest shown by oil and gas companies in the fourth round of licensing for oil and gas exploration conducted last month by Brazil's National Petroleum Agency (ANP). The auction netted only a fifth of the amount bid in the previous sale.Industry officials cited a shift in focus to onshore licenses from the previous three auctions' emphasis on offshore-and particularly deepwater-acreage. Another factor, they said, is the paucity of significant discoveries on acreage awarded in the previous rounds. And industry executives point to a burdensome fiscal regime as an...

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