Offshore Activity

Petrobras says to exercise priority rights in Brazil oil auctions

May 25 Brazil’s state-controlled oil company Petróleo Brasileiro SA will exercise its preferential rights in two offshore pre-salt oil auctions scheduled for this year, the company said in a statement on Thursday.

Petrobras, as the company is known, said it will exercise its rights to explore an area adjacent to the Sapinhoá field, as well as the Peroba and the Alto de Cabo Frio Central areas. The company said it will acquire at least 30 percent of exploration rights in these areas at the cost of at least 810 million reais ($246.94 million) for the company.

($1 = 3.2802 reais) (Reporting by Silvio Cascione; Editing by Daniel Flynn)

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