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Brazil oil secretary says still time to ease political turmoil before auctions
May 23, 2017 / 10:01 PM / in 5 months

Brazil oil secretary says still time to ease political turmoil before auctions

RIO DE JANEIRO (Reuters) - Brazil’s Oil Secretary Marcio Felix said that the energy minister’s decision to remain in his position helps safeguard stability in the sector despite the deep political turbulence that has engulfed the nation with President Michel Temer under a corruption investigation.

Felix told Reuters in a phone interview from an investor conference in New York that Energy Minister Fernando Coelho’s decision to remain in his post despite his party’s break with Temer was a calming move. Felix said there was still time for Brazil’s political situation to stabilise before planned oil block auctions in November, which would help bolster interest in the offshore plays.

Reporting by Marta Nogueira; Editing by Phil Berlowitz

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