Review of agreement in the pre-salt layer may render up to 20 billion dollars for Petrobras

Petrobras reported that is still in the process of revision of the contract with the Union regarding the pre-salt areas of call transfer for valuable consideration, and that therefore any values that the company would receive are not defined.

The newspaper Folha de s. Paulo said, on November 4, that the agreement, resulting from the company's capitalization process in 2010, can yield up to 20 billion dollars for the company, as compensation for the fall in the price of oil since the signing of the contract.

On Tuesday, the Director-General of the regulatory agency (ANP), Magda Chambriard, stated that the price of oil to be used as a reference by the Government in the review of the agreement will be based on the date of Declaration of marketability of the last area of the region, in December 2014, reinforcing the idea that the creditor will state in the renegotiation of the agreement.

When the contract was signed, in 2010, oil prices like Brent revolved around of 100 dollars per barrel, while the end of 2014 the prices had fallen to below 60 dollars.

Petrobras, however, stated that the values should be agreed upon from reports of independent certifiers, hired by the company and by the ANP, which are not yet completed. "So far, there are no settings on the outcome of the review and even less about forms of compensation," said the company.

"Only after the completion of both jobs, certification and issuance of its reports, is that Petrobras and the Government representatives will begin the negotiations on the contract value and the method of payment", added the State.

The Ministry of mines and energy also spoke on the subject, after the Declaration of the Director-General of the PNA, saying that unfounded information that the Government has set to use as reference price for the revision the last date of Declaration of marketability.

In an interview with Reuters in September, the President of Petrobras, Pedro Parente, had anticipated assessment that the company should be creditor at the conclusion of the renegotiation of the contract with the federal Government.

Subsequently, the Secretary of oil, Natural gas and renewable fuels Ministry of mines and energy (MME), Márcio Félix, signaled in the same direction.



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