Petrobras (NYSE:PBR) has its fair share of issues, but the recent bid for the Libra field is something that Petrobras and its investors should be happy about for a couple of reasons. One is that the consortium of companies working on the project includes both Total (NYSE:TOT) and Royal Dutch Shell (NYSE:RDS-A). This will be extremely important for Petrobras because both Total and Shell have extensive experience exploring geology similar to the Brazilian pre-salt formations in West Africa.
Another reason this is a good deal for Petrobras and its integrated major peers? The company was able to get the rights to the Libra field for the minimum bid. Tune into the video below where Fool.com contributor Tyler Crowe explains why this is a positive for Petrobras.
Fool contributor Aimee Duffy has no position in any stocks mentioned. Fool contributor Tyler Crowe has no position in any stocks mentioned. You can follow them both on Twitter: @TMFDuffy and @TylerCroweFool, respectively.
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