Brazil’s massive transfer-of-rights oil auction to be held on November 7 has cleared one hurdle as the Brazilian Congress approved on Thursday one section of a larger bill that determines the specifics of the $25 billion auction, Reuters reported . The remaining sections of the bill still need to be settled. The one section that was approved today deals with revenue sharing for the auction proceeds, but remaining elements of the bill will still need to be approved—for now the elements in the unapproved sections have yet to be agreed. The section that was approved will now become law. Brazil’s auction is expected to rake in 106 billion reais, or $25.5 billion for the government. The auction will seek to sell oil blocks in the presalt zone off the coast of Brazil that had originally been given to state-run Petrobras to take 5 billion barrels of oil from those […]