MADRID, Oct 21 (Reuters) – Spain's Repsol will not participate in the auction for exploration and production rights to Brazil's largest-ever oil discovery, a company spokesman said on Monday.
Brazil's government on Monday is auctioning its huge offshore Libra field, estimated to hold 8 billion to 12 billion barrels of recoverable oil, enough to nearly double Brazil's oil reserves or supply global crude demand for as much as 19 weeks.
But the auction has received lukewarm interest from oil majors, with only 11 companies paying the fee to qualify for the auction.
Repsol had studied making a bid through its Brazilian joint venture with China's Sinopec. Repsol-Sinopec Brasil already has production in areas close to Libra.
(Reporting by Tracy Rucinski; Editing by Paul Day and Mark Potter)
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