Pre

The pre-salt mega-auction failed to meet the Brazilian governments expectations. Only two of the four areas were soldwithout competition and at minimum bids. The Brazilian government earned R$ 69.9 billion (US$ 17.5 billion), well below the R$ 106 billion (US$ 26.5 billion) projected by the government. Petrobras and Chinese state-owned companies CNOOC and CNODC were the only ones to present proposals. The federal government will keep R$ 23 billion (US$ 6 billion). As a group, states and municipalities will each receive R$5.3 billion (US$ 1.3 billion). Located in front of oil reserves, Rio gets R$ 1.1 billion (US$ 276 million). Petrobras will receive R$ 34 billion (US$ 8 billion) as compensation for changes in oil prices after signing the assignment agreement in 2010. Discounting this amount, a company will have have to pay R$ 29 billion (US$ 7 billion) for the offers realized yesterday. The result displeased investors, and the shares of the oil company fell by 5%. The preferred shares close with 0.43%. Under pressure, the dollar rose by 2.2%. The price of R$ 4.08 was the highest since October 21.