Brazil has come up with a”balanced solution”to the question of the transferof-rights(TOR)pre-salt cluster after more than five years of talks,the mines and energy ministry says.The TOR region lies in the Santos basin and the deal paves the way for the government to auction four of its areas-Atapu,Buzios,Itapu and Sepia,which hold estimated reserves of 15bn bl of oil equivalent(boe)-with the sale pencilled in for 28 October.State-controlled Petrobras will receive a one-off payment of 33bn reals($8.6bn).The original TOR contract was signed in 2010,and Petrobras and the government have been wrangling over the terms of the agreement for much of the time ever since,partly because of disagreements over the reference oil price used in the deal.The contract will be amended to reflect the latest development.The areas to be sold are considered”no-risk”,high-potential assets,and companies with a strong existing pre-salt presence such as Shell,ExxonMobil,Norway’s Equinor and BP have expressed interest in the sales.
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