Brazil’s energy minister announced on Monday that the country’s oil industry regulator ANP will submit next month the calculations on which will be based a revised version of a huge contract for offshore oil rights held by the state oil firm Petrobras, according to Reuters.
Under the original 2010 deal, known as a Transfer of Rights, the Brazilian government received equity in Petrobras and the oil firm gained exploratory rights for more than 5 billion barrels of oil in the Cessao Onerosa region of the Santos Basin pre-salt fields.
Energy Minister Fernando Coelho Filho said Petrobras would probably be a creditor in the revision of the contract because the price of oil has declined so much since 2010. The data ANP will submit ought to define just how large will be that credit, which could be paid in cash or oil.
Also on Monday, international ratings agency Moody’s Investors Service upgraded the outlook for Petrobras from stable to positive, citing lower liquidity risk.