Brazil To Hold Presalt Oil Block Auction In 2011 - Minister

Brazil's new government will auction rights to develop mammoth offshore oil and gas blocks this year, under new rules recently approved by Congress, incoming Mines and Energy Minister Edison Lobao said Monday.
A number of mammoth oil fields have been discovered off the southeast coast of Brazil, lying in ultra-deep water and below more than three miles of sand, rocks and a shifting layer of salt.
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Source: Fox Business