The original deal gave Petrobras the right to produce 5 billion barrels of oil on what was then open acreage in the Santos basin pre-salt province, providing leverage for the federal government to increase its controlling stake in the company.
The review of the oil-for-shares mechanism is based on oil prices at the end of 2014, which were far below those prevailing in 2010, making the areas now known as the Buzios, Sepia, Atapu, Itapu, South of Lula and South of Sapinhoa fields less valuable.
Petrobras
