The board of directors of Brazilian state-owned Petrobras approved Tuesday an addendum to a transfer-of-rights oil contract which establishes a $9 billion reimbursement, Kallanish Energy reports.
The deal must win Brazilian government approval.
It also involves the redistribution of volumes, maintaining the total contracted volume of 5 billion barrels of oil and gas equivalent.
The approval is subject to a publication of the Ministry of Mines and Energy that doesn’t violate the company’s rights in the conditions already negotiated, the company said.
The agreement allows the government to auction the excess oil in the transfer-of-rights area, a pre-salt oil reserve offshore Rio de Janeiro.
The government sold Petrobras the rights to 5 billion barrels of oil in the area in 2010 for $19 billion, to maintain control of the company and used the money to buy more shares.
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