Petrobras to Bid on Three Exploration Blocks Later This Year

Brazilian state-controlled oil company Petróleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR) said Thursday it plans to bid on three of eight exploration blocks the government plans to offer on auction in the so-called subsalt layer later this year

Under a law passed last year that gives Petrobras preferential rights to Brazil's most coveted offshore oilfields, the company said it plans to take 30% stakes in the Sapinhoá, Peroba and Alto de Cabo Frio Central blocks.

Write to Paul Kiernan at paul.kiernna@wsj.com

(END) Dow Jones Newswires

May 25, 2017 09:12 ET (13:12 GMT)