What would have been Brazil’s biggest oil auction ever has ended in a near-total flop, as oil majors steered clear of the pricey oil areas up for grabs. Brazil was hoping to rake in more than $25 billion from the auction to offset a portion of its budget deficit and change its nationalistic oil industry ways by offering foreign players at seat at the table. Another $25 billion was set to go to Petrobras in exchange for work Petrobras had already done in exploring the areas up for grabs. But Petroleo Brasileiro SA (Petrobras), and a consortium that involved Petrobras, were the only winning bidders, according to the Associated Press , picking up two of the four blocks. The other two blocks, however, went unsold in what was a major disappointment for Brazil—and Petrobras. A Petrobras (90%) consortium that involved CNOOC and CNODC managed to take home the mega […]