The extron oil company is considering making a bid for a shale oil development contract to be awarded by the federal government. The company has decided to bid $110 million. The company estimates that it has a 60% chance of winning the contract with this bid.
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In the United States, all the small private companies join a auction where all the projects of the government are auctioned.
The exton oil companies with a bid of 110 billion dollars is thinking of capturing the shale oil development contract but the pris company is also a major contendor. The exton company has 0.6 probability of winning whereas pris has a 0.4 chance of winning.
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