October 23, 2019 / 6:38 PM / 24 days ago

Brazil court approves contract draft for transfer of rights oil deal

SAO PAULO, Oct 23 (Reuters) - Brazil’s federal audits court on Wednesday approved a draft contract for a massive transfer of rights oil deal between state-run oil firm Petroleo Brasileiro SA, better known as Petrobras, and the government.

The highly anticipated auction, which takes place next month, could take in $26 billion from the combined signing bonuses bidders who win exploration and production rights will be obliged to pay the government. (Reporting by Marcelo Rochabrun Editing by Chris Reese)

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