Offshore

Brazil to pay Petrobras USD 9 billion to settle oil contract

Petrobras will get a little over USD 9 billion to settle an oil contract dispute with the Brazilian government, a move that ends longtime negotiations and paves the way for Big Oil to access the massive oil deposits in Brazil.
Photo: /ritzau/AP/Leo Correa
Photo: /ritzau/AP/Leo Correa
BY MARIO SERGIO LIMA AND SABRINA VALLE, BLOOMBERG

Brazilian oil giant Petrobras will get USD 9.06 billion to settle a deep-water contract dispute with the government, ending years of negotiations and paving the way for Big Oil to access enormous crude deposits in the area.

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