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Financial News: PETROBRAS: Brazilian Minister Expects Deal On Transfer Of

PETROBRAS: Brazilian Minister Expects Deal On Transfer Of Rights Soon

03/23/2018 - 16:03:00 (RTTNews)

(RTTNews) - The Brazilian government and the state-owned oil company Petrobras are expected to announce in the next few days an agreement on the renegotiation of their transfer of rights deal, said the Minister of Mines and Energy Fernando Coelho Filho.

With the potential breakthrough, the Brazilian government can auction off surplus oil this year. "Obviously the result of this agreement will be good for both Petrobras and the Union," said the minister.

According to Coelho Filho, since the workgroup was formed, the subject has gone a long way. "We expect that we can reach an agreement soon and maybe announce it in the coming days so that the auction can be done this year."

The "transfer of rights" is a system that has given Petrobras the right to explore and produce up to 5 billion barrels of oil and gas in the Brazilian pre-salt layer in exchange for a company reimbursement to the federal government. Contract values, however, are under review, as oil prices fell from almost US$ 100 to about US$ 50 a barrel since the signing of the agreement.

Petrobras argues that the government should pay the company to make up for the difference.

The government was arguing that he owes nothing to Petrobras and should receive more payments from the company.

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