Steve Otillar Comments on Brazil’s Offshore Oil Contract

FuelFix, in its article “Brazil grants landmark offshore oil contract to foreign companies, amid violent protests,” quoted Akin Gump energy partner Steve Otillar on the auction of Brazil’s offshore Libra field.

The winning consortium, comprising Petrobras, Shell Brazil, Total, CNPC and CNOOC, was the only bidder in the auction, possibly as a result of the terms Brazil offered.  In this regard, Otillar noted, “The big limitation in Brazil is that Petrobras has to be the mandated operator. Most companies prefer to be in control.”