Petrobras could get about $7.9 billion from contract revision

Brazilian oil company Petroleo Brasileiro SA could receive some 30 billion reais ($7.9 billion) from the government in a renegotiation of the “transfer of rights” oil contract, a person following the process told Reuters on Wednesday.

The money to pay state-controlled Petrobras, as the company is known, would come from a potential auction of excess oil from the “transfer of rights” area off the Brazilian coast, according to the source, part of the team working on the transition to a new government in Brazil. The person, who requested anonymity, said such an auction could raise 120 billion to 130 billion reais next year, if the necessary legislation clears Congress.

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