World’s Hottest Oil Auction Set To Bring In $50 Billion

Brazil’s next oil auction, scheduled for November, may be the best one yet, raking in as much as $50 billion in auction proceeds, Bloomberg sources familiar with the Brazilian government estimates said on Monday. Licensing fees from Brazil’s November 7 oil auction was originally estimated at $25.5 billion, according to Reuters reports from the end of September—when Brazil was still working out the regulatory kinks to its massive oil auction. The auction was set to offer up delicious presalt oil blocks that Brazil had originally…