RIO DE JANEIRO/LONDON - As the weeks ticked down to Brazil’s biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp pulled out days before, according to six people familiar with the matter.
The big Brazilian round was the latest offshore auction this year to undershoot expectations, hurt by competition from shale oil and other unconventional sources as well as lower demand forecasts. Instead the lack of major partners revealed how the powerful role of Petrobras in the so-called “pre-salt polygon,” along with complicated development terms and expensive signing fees discourage interest, even among majors with large purchasing power, in one of the world’s biggest proven oil reserves.CNOOC and CNPC did not immediately respond to e-mails sent outside business hours.
Due to an agreement signed between Petrobras and the Brazilian government in 2010, the state firm already has rights to develop up to 5 billion barrels of oil in the TOR area. The Wednesday auction concerned oil in the TOR area in excess of what Petrobras had already been promised.
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