Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA ( PETR4.SA ). The only block awarded in Thursday’s bidding went to the Brazilian oil firm, known as Petrobras, and Chinese state firm CNODC, a unit of China National Petroleum Corp, who offered the minimum bid. Four other blocks received no bids. The disappointing result, following a lack of foreign interest in an even bigger Wednesday round, was a wake-up call to those who expected this week to crown Brazil as uncontested champion of the Latin American oil industry. Analysts have agreed in recent […]