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Italian ENI, Brazilian Petrobras Won Auction

Eni SpA and Petroleo Brasileiro SA were among the first winners...

Italian oil company Eni SpA and Brazil's state-run oil firm Petroleo Brasileiro SA, or Petrobras, were among the first winners in Brazil's annual oil and gas exploration and production block auction Tuesday.

Eni will have to pay Brazil's National Petroleum Agency, or ANP, 307 million Brazil reals ($140 million) for exploration and production rights in the SM-857 block, which lies in a new frontier area in deep waters in the Santos Basin off the coast of Sao Paulo.