November 14, 2018 / 8:34 PM / a month ago

Petrobras could get about $7.9 bln from contract revision -source

BRASILIA, Nov 14 (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA could receive around 30 billion reais ($7.9 billion) from the government as a result of renegotiation of the “transfer of rights” oil contract, a person following the process told Reuters on Wednesday.

The money to pay Petrobras, as the company is known, would come from a potential auction of excess oil from the “transfer of rights” area off the Brazilian coast. The source, part of the team working on the transition to a new government in Brazil, said an auction could raise between 120 billion and 130 billion reais next year, if the necessary legislation clears Congress.

$1 = 3.7840 reais Reporting by Marcela Ayres Writing by Marcelo Teixeira Editing by Susan Thomas

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