May 21, 2019 / 11:14 PM / a month ago

Brazil's Petrobras expresses interest in two areas in 'TOR' auction -filing

RIO DE JANEIRO, May 21 (Reuters) - Petroleo Brasileiro said on Tuesday it is interested in exercising its preferential right to tender in two areas in an auction of excess oil from the so-called “transfer of rights” (TOR) area, according to a company filing.

The Brazilian state-run company said it was interested in the Buzios and Itapu areas, based on a 30% stake with a chance to increase the holding on the day of the auction, which is expected in October. The auction could result in a signing bonus of nearly 21 billion reais ($5.20 billion), it said.

$1 = 4.0390 reais Reporting by Roberto Samora Writing by Gabriel Stargardter Editing by Daniel Flynn

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