In related news, Brazil's government plans to renegotiate the 2010 deal that assigned 6 pre-salt areas to Petrobras for 75B reals ($42B at the 2010 exchange rate). Pre-salt refers to reservoirs lying beneath and deposited prior to an autochthonous salt layer (e.g. oil generation and migration, fold generation, sedimentary deposition). These pre-salt areas of the Santos Basin are called the transfer or rights (TOR) region. The deal gave the company exclusive rights for production of as much as 5B boe, allowing it to earn 120B reals ($67B in 2010) by offering preferred and common shares for sale.
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