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Petrobras disputes Brazil oil regulator estimate for transfer of rights area

Published 11/06/2017, 11:35 AM
© Reuters.  Petrobras disputes Brazil oil regulator estimate for transfer of rights area
PBR
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  • Petrobras (PBR +2.5%) disputes an estimate published by Brazil's oil regulator ANP of excess volumes of oil in offshore fields under the country's transfer of rights program, saying its own analysis indicates the upper and lower limits of the excess oil to be found in those areas are below ANP‘s.
  • The regulator last week estimated at least 6B boe of excess reserves in areas covered under the transfer of rights program in the pre-salt area.
  • A resolution of the amount of excess barrels in the area should help resolve a dispute between PBR and the government over a 2010 contract which gave the company rights to produce 5B barrels of oil from pre-salt fields.
  • Now read: Whiting Petroleum Plans A Reverse Split


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