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.