The Brazilian government reached a landmark deal to pay state-controlled oil com...
FILE PHOTO: A logo of the Brazil's state-run Petrobras oil company is seen in Rio de Janeiro, Brazil March 25, 2019. REUTERS/Sergio Moraes
Albuquerque told reporters after a meeting in Brasilia that the agreement opens the way for the government to auction off the excess oil in the transfer-of-rights area, a giant pre-salt oil reserve off the coast of Rio de Janeiro. The transfer-of-rights contract dates back to a 2010 deal between the government and Petrobras linked to a large share offering made by the company that would have diluted the government’s stake.
The contract foresaw a revision of the deal’s value, considering the fluctuation of the exchange rate and oil prices. The revision has been discussed for months.
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