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Petrobras to exercise pre-emption rights on bidding round for oil-producing zone

Brazilian state-controlled Petróleo Brasileiro SA, or Petrobras, has informed the National Council for Energy Policy of its interest to exercise its pre-emption right on the transfer-of-rights surplus bidding round, which involves an offshore oil-producing zone.

Petrobras said it will exercise the right in the Búzios and Itapu areas, which are under development, based on a 30% participating interest, according to a May 21 news release.

The company added it may increase its interest in the two areas on the day of the auction of surplus oil volumes.

The deal is expected to have a signing bonus of 20.99 billion Brazilian reais.

As of May 21, US$1 was equivalent to 4.06 Brazilian reais.