A disagreement among Brazil’s states over signature bonuses threatens to delay a 6 November auction for pre-salt reserves in the transfer-of-rights (TOR) region. The senate on 3 September approved a constitutional amendment that de- termines how the bonuses, which have been fxed at 106.5bn reals ($26bn), will be divided up. The states and municipalities would split around $21bn between them, with the states that host the relevant reservoirs receiving an additional 3pc. In the case of the TOR region, this would be Rio de Janeiro, whose share of the signature bonuses would jump to R2.5bn from R326mn. Brazil’s lower house has yet to approve the measure.
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