November 6, 2019 / 3:02 PM / 11 days ago

Oil blocks offered at Brazil's TOR auction were expensive -Shell

RIO DE JANEIRO, Nov 6 (Reuters) - The president of the Brazilian unit of Royal Dutch Shell said on Wednesday that oil blocks offered as part of the nation’s highly anticipated Transfer of Rights auction were expensive, but added that the process was a success.

Two of four blocks were awarded at the round, mostly to state-run oil company Petrobras, which was the sole bidder for the Itapu block and also won the largest area, Buzios, along with Chinese companies CNOOC and CNODC. (Reporting by Gram Slattery, Marta Nogueira and Marianna Parraga Editing by Chizu Nomiyama)

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