(Petrobras, 6.Jul.2015) – On 2.Jul.2015, the Arbitration Court granted a provisional remedy in an action filed by Petrobras relating to a resolution of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) to treat the assets of Baleia Anã, Baleia Azul, Baleia Franca, Cachalote, Caxaréu, Jubarte and Pirambu as a single field, as from the 2Q:14.
The provisional ruling states that Petrobras must make quarterly deposits in favor of ANP covering the disputed amounts related to the special holding. Based on the price of oil and the current output from the field, the quarterly deposit will amount to around BRL 350 million.
The Arbitration Court also ordered the parties to submit the following: i) an exact calculation of the amounts corresponding to the historical differences of the special holding up to the date of the ruling; ii) a proposal for depositing these differences. Although the amount is yet to be confirmed by the parties, according to the ANP the estimated amount to date is BRL 2.2 billion.
It is important to point out that this is a preliminary judgment and a ruling has yet to be made on the merits of the case.
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