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Brazil Reaches Deal with Petrobras Over Transfer of Rights Area

December 12, 2018

© Celso Pupo / Adobe Stock
© Celso Pupo / Adobe Stock

The Brazilian government has reached an agreement with state-controlled oil company Petróleo Brasileiro SA over the so-called transfer of rights area, Finance Minister Eduardo Guardia said on Wednesday.

Guardia declined to disclose values nor who is owed what under the terms of the agreement. A dispute over the oil in question, and the price of it, dates back to 2010, when the Brazilian government granted Petrobras the right to extract 5 billion barrels of oil and gas in the offshore Santos Basin.

(Reporting by Marcela Ayres; Writing by Bruno Federowski)

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