Brazil's 12th bid round ended with more of a whimper than the hoped-for bang, with large-scale investment seemingly deterred by limited infrastructure and heavy government regulation (WGI Nov.20' 13). The Nov. 28 auction had originally been billed as a grand offering of 240 potentially gas-rich blocks across the country. But in a rude reminder that Brazil has some way to go before being considered a global gas hot spot, just 72 blocks were awarded, and only 12 of the 21 companies that prequalified actually bid, offering 165 million reals (S70 million) in up-front signing bonuses —just 6% of the amount raised in an earlier bid round in May.
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