Brazil round shows oil sector rebound

When ExxonMobil arrives with wallet open at a licensing round in Brazil, you know you have a success on your hands.

More than $1 billion — a record sum — was spent by ExxonMobil and others in the 14^th licensing round, providing a major vote of confidence at a time of low oil prices.

The last time the Brazilians offered open house to the oil sector, in the 13^th round in December 2015, it was poorly attended.