GOODBYE OIL MONOPOLY.

Author:Bustos, Sergio R.
Position:Brief Article
 
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The world's largest oil companies shelled out $180 million in cash bids for the right to explore the waters off the coast of Brazil. The two-day auction held in June ended a 45-year state monopoly over oil exploration rights in Brazil. The country currently imports just less than half of its oil needs, but it is hoping foreign capital will help to close the gap. The most intense bidding was for the areas off the coast of Brazil's Atlantic...

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