Brazil could offer as much as a 30% take to firms for developing its largest oil field, reports claim.

The news follows the nation’s announcement last month to auction the rights to explore and develop blocks in the Libra field, with the first bidding round expected to start in October.

According to reports, Brazil’s national petroleum agency ANP is preparing a road show to the US, Europe and Asia later this month to market the oil field.

Magda Chambriard, the head of the ANP told a news outlet: “In my mind it is impossible to consider less than 70% as a Government take. When the field is larger, when it has more volume, the Government percentage is more.”

The Libra field is estimated to produce around 12 billion barrels of recoverable oil over 35 years.

Last month ELN reported the Brazilian Government could pay as much as 2.8 billion reals (£880m) to energy companies for cuts in electricity tariffs.