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The proposed sale will clear about $320 million P&A obligations and also give the Houston-based E&P much needed capital.
The promise of big discoveries offshore South America set to continue for years to come.
The largest winning bid was a $339 million joint offer by Statoil and Total for Cobalt’s 60% operated interest in the North Platte discovery.
The 15th bidding round on March 29 raised more than 8 billion reais (US$2.42 billion) in signature bonuses.
The Brazilian major intends to drill an average of 29 exploratory wells annually by 2020, nearly double the average number of wells drilled in 2016 and 2017.