Brazil's Petrobras to pay $50.8mn reais to PPSA related to Tartaruga basin
- Petrobras, as the company is known, started exploring the BM-C-26 area of the basin in 2004 under the country's so-called concession regime.
- Two more oil deposits were found in the basin, one of them outside the area explored by Petrobras.
SAO PAULO: Brazil's state-run oil company, Petroleo Brasileiro SA, will pay 210 million reais ($51 million) to government company Pre-Sal Petroleo SA (PPSA) as part of an agreement signed on Monday involving production in the Tartaruga basin.
Petrobras, as the company is known, started exploring the BM-C-26 area of the basin in 2004 under the country's so-called concession regime. Later, two more oil deposits were found in the basin, one of them outside the area explored by Petrobras.
PPSA said in a statement on Monday that it will collect the 210 million reais from Petrobras related to the government's share of the oil production in the Tartaruga basin, which is 17.85%.
Proceeds are expected to be passed on to the federal government in November, PPSA added.
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