Brazil to auction big oil find

http://www.theglobeandmail.com/report-on-business/international-business/latin-american-business/brazil-to-auction-biggest-ever-oil-find-in-october/article12095835/#dashboard/follows/

An oil platform in Rio de Janeiro

A plan to auction off the exploring and production rights to it's biggest oil find to date. The auction is set to be held in Brazil's capital, Brasilia, in the coming October. It holds between 26 billion and 42 billion barrels of oil. Brazil's government hopes to gain a large share of the oil produced as opposed to how governments did it previously. Previously, when governments auctioned off oil they asked for a small royalty. A separate auction for natural gas prospects is scheduled for the coming November.

This article was interesting to read because I am always reminded and amazed by the large amounts of oil that exists in South America. The media always puts emphasis on the abundance of oil in the middle east but there is actually a massive amount of oil in South America which is evident from this article and others.