Following an unsuccessful attempt to sell anticipated oil output from the offshore presalt formation on May 30, Brazil’s government administrator, Pre-Sal Petroleo SA (PPSA), will attempt another auction, according to a spokesperson. Presalt block rights are granted via firms pledging 'profit oil' to the state, essentially a slice of future output (IOD Jun.8’18). Back in March, PPSA said the government took its first such slice in the form of a 250,000 barrel cargo from the Mero field, part of the giant Libra area.
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