Brazil’s state-run oil company Petrobras said on May 21 its board of directors approved an addendum to a transfer-of-rights oil contract that will see it reimbursed to the tune of $9.06 billion.
But the deal remains subject to governmental agreement.
RELATED: Transfer Of Rights Deal Opens Door For Brazil’s Biggest Presalt Auction Since Libra
Approval depends on the publication of a Ministry of Mines and Energy decree that does not violate the rights and conditions from the contract Petrobras has already negotiated, the company said in a statement.
Recommended Reading
Analysts: Why Are Investors Snapping Up Gulfport Energy Stock?
2024-02-29 - Shares for Oklahoma City-based Gulfport Energy massively outperformed market peers over the past year—and analysts think the natural gas-weighted name has even more upside.
Athabasca Oil, Cenovus Energy Close Deal Creating Duvernay Pureplay
2024-02-08 - Athabasca Oil and Cenovus Energy plan to ramp up production from about 2,000 boe/d to 6,000 boe/d by 2025.
SilverBow Saga: Investor Urges E&P to Take Kimmeridge Deal
2024-03-21 - Kimmeridge’s proposal to combine Eagle Ford players Kimmeridge Texas Gas (KTG) and SilverBow Resources is gaining support from another large investor.
Novo II Reloads, Aims for Delaware Deals After $1.5B Exit Last Year
2024-04-24 - After Novo I sold its Delaware Basin position for $1.5 billion last year, Novo Oil & Gas II is reloading with EnCap backing and aiming for more Delaware deals.
CEO Darren Woods: What’s Driving Permian M&A for Exxon, Other E&Ps
2024-03-18 - Since acquiring XTO for $36 billion in 2010, Exxon Mobil has gotten better at drilling unconventional shale plays. But it needed Pioneer’s high-quality acreage to keep running in the Permian Basin, CEO Darren Woods said at CERAWeek by S&P Global.