Repsol Sinopec Brasil qualified to bid for Brazilian crude

Sino-Spanish company Repsol Sinopec Brasil SA is one of four oil companies qualified to bid for crude to be auctioned tomorrow by Brazilian state-owned concern Pré-Sal Petróleo SA, Agência Brasil reports.

The Brazilian government-run news agency says the other qualified bidders are Shell Brasil Petróleo Ltda, Total E&P do Brasil Ltda and Petrobras.

The report says that up for auction at the São Paulo Stock Exchange tomorrow will be 1-year and 3-year contracts for the purchase of an estimated 14.4 million barrels oil to be produced by three pre-salt fields off the coast of Rio de Janeiro.

The most productive is the Mero Field, which is being exploited by a consortium in which China National Petroleum Corp. and China National Offshore Oil Corp. hold stakes of 10 percent each, Agência Brasil says.