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Financial News: PETROBRAS: Company Sets Up Commission To Review Transfer

PETROBRAS: Company Sets Up Commission To Review Transfer Of Rights Deal

11/08/2017 - 13:24:00 (RTTNews)

(RTTNews) - Brazilian state-owned oil company Petrobras set up an internal commission to negotiate a revision of the so-called "transfer of rights" contract with representatives of the national government.

According to Petrobras, the commission is composed by Solange da Silva Guedes, Joelson Falcão Mendes and Ivan de Souza Monteiro, directors for Exploration, Production and Finance, respectively, and by Bianca Nasser Patrocínio, the company's Investors Relations Officer.

Petrobras also informed that a minority committee would follow the contract reviewing process and the final negotiated conditions would be subject to approval by the competent authorities.

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. 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 Brazilian oil market regulator (ANP) said last Friday that there is a 90% chance of the region holding 6.068 billion barrels of oil equivalent (boe) on top of the 5 billion boe already assigned to Petrobras.

The company, however, believes that there is less extra oil in the "transfer of rights" area and is set to publish its estimate by the end of November.

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