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Brazil shrugs off impact of oil strike; Libra auction set for Monday

Oct. 18, 2013 at 7:39 AM
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BRASíLIA, Brazil, Oct. 18 (UPI) -- A strike by oil workers won't stop Brazil from auctioning off the rights to explore its offshore Libra oil field next week, an official said.

Magda Chambriard, president of the Brazilian National Agency of Petroleum, Natural Gas and Biofuels, said the auction would go ahead as planned Monday in Rio de Janeiro.

"There is not the slightest chance that the auction is canceled because of this [strike]," he was quoted by the Platts energy news service as saying Thursday.

Oil workers with state-controlled Petroleo Brasileiro, known also as Petrobras, are striking against the auction for the Libra oil field. They're demanding better wages and opposing a congressional measure for outsourcing of workers by Petrobras.

Brazlian officials estimate the Libra field holds between 8 billion and 12 billion barrels of oil equivalent.

Brazil ranks second behind Venezuela in terms of proven oil reserves in South America.

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