Big Oil Won't Bite on Brazil's New Deal

The following video is from Thursday's Digging for Value, in which host Alison Southwick, Motley Fool analyst Joel South and Fool.com contributor Tyler Crowe dive deep into the top stories for today's energy sector investors.The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy and materials sectors: @TMFEnergy.

The Brazilian government is trying to sweeten the deal for the Libra field auction that is scheduled for next week, but what they are offering is still not going to be enough to get big oil names ExxonMobil (NYSE: XOM  ) and BP (NYSE: BP  ) to change their minds and participate in the auction. In this segment, Tyler discusses why the mandate for Petrobras (NYSE: PBR  ) to be the primary operator in the field is more of the reason why ExxonMobil and BP are sitting this one out than what the government is offering to change.

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