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Financial News: PETROBRAS: Brazil's Attorney General To Report On Transfer

PETROBRAS: Brazil's Attorney General To Report On Transfer Of Rights

05/20/2018 - 08:26:00 (RTTNews)

(RTTNews) - The Brazilian Attorney General Office (AGU) will present its report on the transfer of rights deal five days after being notified to do so, paving the way to resume negotiations between the government and the state-owned oil company Petrobras, according to a source that requested anonymity.

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 months after the signing of the agreement, recovering to around US$ 70 barrel recently.

Petrobras argues that the government should pay the company to make up for the difference. Analysts say that one way the Brazilian government could solve the dispute would be to pay Petrobras with extra oil from the transfer of rights area.

The government, however, argues that it owes nothing to Petrobras and should receive more payments from the company.

Petrobras and the Brazilian government should have concluded negotiations Thursday, but an agreement was out of reach due to divergences on technical matters and about the currency that would be used to calculate how much is owed to Petrobras, the source said. Negotiations will only resume after the AGU report on those topics.

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