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Financial News: PETROBRAS: Discussion On 'transfer Of Rights' Area Should

PETROBRAS: Discussion On 'transfer Of Rights' Area Should Conclude By May 17

05/08/2018 - 18:21:00 (RTTNews)

(RTTNews) - The Brazilian state-owned oil company Petrobras and the country's government should conclude negotiations on the "transfer of rights" area by May 17, according to the firm's president, Pedro Parente.

"Discussions with government are evolving well and meetings are still happening. In Petrobras' view, yes, it will be possible to end them by May 17, due to the large effort that the government is doing and so are we," said the executive.

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, recovering to around US$ 70 barrel as of 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.

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