Brazil Approves $9-Bln Payout To Petrobras In Transfer-of-Rights Settlement

Sep 04, 2019,

The Brazilian Senate has approved an agreement for the transfer of rights over a disputed group of oil fields that would see state energy giant Petrobras get US$9 billion in compensation.

Reuters reports the agreement also involves payouts to oil-producing states. These will come from the expected proceeds from auctions of the fields as well as from the surplus reserves of these fields. States will get 3 percent of the surplus reserves as well as portions of a 15-percent share of the auction proceeds, which the government has estimated at U$35 billion.

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