May 25, 2017 / 2:09 PM / 4 months ago

Petrobras will not bid for all eight pre-salt areas, CEO says

SAO PAULO, May 25 (Reuters) - Petróleo Brasileiro SA does not have the means to bid for all eight pre-salt exploration areas as well as the 14th round of oil rights auctions, Chief Executive Pedro Parente said on Thursday.

Petrobras, as the company is known, had announced earlier in the day it would exercise priority rights in two offshore pre-salt auctions scheduled for this year. Speaking to reporters, Parente said the company will delay investments in northeast Brazil to make room for those bids. (Reporting by Bruno Federowski; Editing by Christian Plumb and Chizu Nomiyama)

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