Petrobras seeks to claim up to $20bn refund on offshore blocks

Petrobras seeks to claim up to $20bn refund on offshore blocks

Brazil’s financially struggling state oil firm Petrobras could be in line for a $20bn windfall, according to Reuters.

The money could come in the form a refund from the government for some offshore exploration blocks that have drastically fallen in value.

Petrobras, the most indebted oil company in the world, is waiting to see if independent certifiers agree that the original deal for the blocks include an option to renegotiate after five years.

The deal, valuing the blocks at $50bn, was made in 2010.

Spokesmen for Petrobras urged caution, saying nothing van be assumed until the independent review is completed.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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