November 5, 2019 / 1:26 PM / 13 days ago

UPDATE 1-Brazil will re-auction any unsold areas in Wednesday oil auction

(Adds quote, context, comment on Eletrobras)

By Jake Spring

BRASILIA, Nov 5 (Reuters) - Brazil will re-analyze any oil exploration areas not sold in a mega-auction of oil on Wednesday, with the aim of putting them up for sale again in eight to nine months, Mines and Energy Minister Bento Albuquerque told reporters on Tuesday.

However, Albuquerque cautioned that not all areas need to be sold for the auction to be considered a success. He said he would withhold judgment on the auction until after it is over.

“There is the best possible expectation (for the auction),” he said.

The auction of blocs in the so-called “transfer of rights” oil area on Wednesday could bring in signing bonuses of 106.5 billion reais, making it the largest oil bidding round in Brazil’s history, according to the ministry.

Regarding long-held plans to privatize the state-owned utility Centrais Eletricas Brasileiras SA, commonly known as Eletrobras, Albuquerque said that it would likely be privatized in the second half of 2020. (Reporting by Jake Spring; editing by Jason Neely and Bernadette Baum)

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