Council approves additive to the onerous assignment contract

The Board of Directors (CA) of Petrobras approved the additive term of the onerous assignment contract in accordance with Resolution No. 5 of the National Energy Policy Council (CNPE). The organ also determined that the conclusion of the additive term occurs before the auction of the surplus of the onerous cession in October. 

The additive provides for the reimbursement to Petrobras of US $9.058 billion; The redistribution of volumes between blocks, maintaining the total contracted of 5 billion barrels of oil and gas equivalent; Adoption of a conflict resolution clause; and the revision of the local content requirements for the same percentages of the 6th round of exploratory blocks in the production-sharing regime, expected to take place in November.

However, the approval is subject to the budget solution for the payment of the Union to Petrobras and the publication of the Ordinance of the Ministry of Mines and Energy (MME) on the Coparticipation agreement that does not violate the right acquired by Petrobras in the contract of Cession Costly and negotiated conditions during the review process.

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