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PETROBRAS PRESIDENT WINCES DURING OIL LISCENSE AUCTION IN BRAZIL, 2000-06-07 (photo)

IMAGE number
REU7870488
Image title
PETROBRAS PRESIDENT WINCES DURING OIL LISCENSE AUCTION IN BRAZIL, 2000-06-07 (photo)
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Medium
photograph
Date
2000 AD (C20th AD)
Shooting Date
2000-06-07
Image description

Henri Philippe Reichstul, president of Brazil's state-owned oil company Petrobras, bows his head as the winning bid is announced for the BM-S-10 block of oil exploration liscenses, in Rio de Janeiro June 7. A consortium led by Petrobras, including Chevron and BG International, paid $56.66 million for exploration and production of the deepwater field located off the central coastline. Brazil put 23 blocks up for sale at an auction that has lured 44 interested bidders on the prowl for a chunk of the nation's potentially oil-rich real estate in one of the major events in the global oil scene in 2000. Brazil produces 1.24 million barrels-per-day and has proven oil reserves of 7 billion barrels. GN/JP/MMR

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REUTERS / Bridgeman Images
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