SAO PAULO - Brazil's President Dilma Rousseff has approved a much-delayed auction of oil blocks for companies to explore, the country's oil regulator, ANP, said Tuesday.
The 11th round of licensing--originally scheduled to be held in 2009--is likely to take place in May 2013, the ANP said.
The blocks that will be offered at auction will be published "in the next few days," the ANP said.
Earlier Tuesday, Mines and Energy Minister Edison Lobao said that for the round to proceed, Congress must approve legislation to distribute royalties from oil production. He said that should be done by the end of this year.
A total of 174 blocks, to be announced in coming days, will be auctioned in the round. The country's last oil round concession bidding was held in December 2008.
Additionally, the minister said the government will schedule the first round of bidding for exploration of the country's subsalt offshore oil blocks for November 2013.
Copyright (c) 2012 Dow Jones & Company, Inc.
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