Brazil To Pay Petrobras $9B In Oil Contract Settlement

(SeekingAlpha, Carl Surran, 10.Apr.2019) — Brazil’s government will pay $9.06B to Petrobras for revising the contract for the transfer of rights area, Energy Minister Albuquerque announced late yesterday.

The resolution opens the way for an Oct. 28 auction to develop excess oil reserves beyond the 5B barrels the company is allowed to produce under the 2010 transfer of rights contract, the minister said.

The TOR area is part of the larger pre-salt area off the coast of Rio de Janeiro, which holds Brazil’s biggest oil discoveries; major foreign oil majors including Exxon and Shell have expressed interest in the deposits.

PBR+1.3% pre-market.

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