The Brazilian government has agreed to pay $9.1 billion to Petrobras under the revised terms of a 2010 transfer of rights agreement, writes Gareth Chetwynd.
The original agreement, underpinned by a 5 billion barrel oil-for-shares mechanism, allowed the federal government to acquire $42.5 billion worth of new shares in the company’s 2010 rights issue.
The value of these barrels was subject to contractual review following declaration of commerciality on areas of the Santos basin pre-salt covered by the rights transfer and a fall in oil prices since 2010 put Petrobras in the position of creditor.
