OGJ Newsletter

Progress in Latin America's petroleum sector has taken two steps forward and one backward.Brazil will be one of the most sizzling hot spots for exploration in the coming decade. Underscoring that prediction-and an end to the upstream monopoly of state oil company Petrobras-was the official award of 12 blocks to multinational firms last week. State petroleum agency ANP signed agreements last week with Royal Dutch/Shell, Exxon, BP Amoco, Texaco, Unocal, Repsol-YPF, Agip, Amerada Hess, and British Borneo-and Petrobras-that cover licenses awarded under Brazil's first licensing round (OGJ, June 28, 1999, p. 31).ANP says these first contracts, for which bidders offered $180 million in i...

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