Brazil’s oil market regulator agreed to remove a disputed oil block where state energy company Petrobras had already found crude from the list of areas for November’s auction after a lawsuit threatened the annual concessions sale.

The National Petroleum Agency (ANP) said in a statement issued late Monday the withdrawal of the CM273 block in the Campos basin was meant to “preserve the legal safety of the auctions, avoiding legal challenges that could suspend it.”

Posted: 09|18|07 at 2:31 pm. Filed under: Auction News.