Brazil auctions off five oil blocks ahead of COP30

Brazil awarded exploration rights to five offshore oil blocks on Wednesday, doubling down on a controversial drive to boost production in the run-up to UN climate talks it is hosting next month.  Brazil awarded rights to five of seven blocks on offer, raising $19.1 million from several major foreign groups, including Norway's Equinor and China's CNOOC.

The oil blocks are located in Brazil's southeast, off the coast of Rio de Janeiro and Sao Paulo. The winning companies have committed to donating a portion of their profits to the Brazilian government. The minimum investment planned for the five blocks is around $83 million.