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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

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.

Energy Minister Bento Albuquerque told reporters on Tuesday that compensation for a 2010 contract review will be paid in one settlement, and the resolution will allow for an Oct. 28 auction to develop excess oil reserves beyond the 5 billion barrels Petrobras is allowed to produce under the 2010 Transfer of Rights contract, also known as TOR.

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