Brazil’s Huge $25 Billion Oil Auction Clears Very Important Hurdle

Brazil’s massive transfer-of-rights oil auction to be held on November 7 has cleared one hurdle as the Brazilian Congress approved on Thursday one section of a larger bill that determines the specifics of the $25 billion auction, Reuters reported. The remaining sections of the bill still need to be settled. The one section that was approved today deals with revenue sharing for the auction proceeds, but remaining elements of the bill will still need to be approved—for now the elements in the unapproved sections have yet to be agreed.…