Offshore Activity

Petrobras, Brazil dispute transfer of rights worth $30 billion: report

Brazil’s government and state-run oil company Petroleo Brasileiro are locked in a dispute over the value of offshore oil blocks involving an estimated $30 billion, newspaper Valor Econômico reported on Friday.

The dispute, which has previously been reported, centers on a 2010 contract in which Petrobras paid the government for the transfer of exploratory rights over some oil areas off the coast. Oil prices were much higher at the time the original contract was signed, at around $90 per barrel.

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