October 10, 2019 / 4:27 PM / 4 months ago

Total will not participate in Brazil transfer of rights oil auction -CEO

RIO DE JANEIRO, Oct 10 (Reuters) - France’s Total SA will not participate in the auction of the so-called Transfer of Rights area in Brazil’s off-shore pre-salt region scheduled for November 6, the company’s chief executive officer Patrick Pouyanné said in a statement.

The Brazilian government expects to raise 106 billion reais ($25.8 billion) from the auction that is expected to attract major global oil companies.

A consortium led by Total won the exploration and production rights for an offshore block near the pre-salt region on Thursday, agreeing to pay the government a signing bonus of 4 billion reais ($978 million). (Reporting by Gram Slattery and Marta Nogueira Editing by Nick Zieminski)

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