Brazil’s government has reached an agreement with state-controlled Petrobras to pay the firm about $9 billion to settle a dispute over the value of oil production rights in a massive offshore zone. The deal, disclosed late Tuesday, ends six years of acrimony between the government and the company about the price Petrobras paid in 2010 to win production rights to some 5 billion barrels of oil equivalent in a zone dubbed the “Transfer of Rights” (TOR) area (OD Sep.6’10).
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