Brazil’s $50 Billion Oil Boom Is Falling Apart

Exxon may not be interested in stepping up to the bidding plate at Brazil’s massive $50 billion transfer of rights auction next week, because the oilfields up for grabs come with a hefty price tag, Exxon’s president of exploration, Stephen Greenlee said in an interview with Bloomberg. Exxon, Greenlee explained, already holds licenses offshore Brazil, but when it bought those rights, the assets were far less expensive than what the Buzios oilfield is expected to go for this time around. “Whether or not we participate, it would…