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Brazil Oil Auction

PPSA President Oswaldo Pedrosa, center, poses with Brazil's Minister of Mines and Energy Edison Lobao, second from left, National Oil Agency executive Sergio Henrique de Souza Almeida, second from right, and other unidentified oil company representatives after the winner of the auction for the Libra offshore oil field was announced in Rio de Janeiro, Brazil. A consortium including Shell, Total, two Chinese firms and Brazil's state-run petroleum company Petrobras won the right to develop the oil field.

Brazil's Largest Offshore Oil Reserve Auction

Brazil geared up to sell production rights to Libra, its

largest-ever oil discovery, in a landmark auction that sparked

widespread nationalist protests even though most of the world's premier

energy companies opted to stay away.