Brazil’s congress has authorised a payment to state-controlled Petrobras so that a key pre-salt auction can go ahead as planned. The $9.05bn payment should clear the way for an auction of excess pre- salt reserves in the Santos basin’s transfer-of-rights (TOR) region to proceed in November. The compensation payment relates to a revision to the original TOR contract that takes into account a sharp fall in the price of oil in 2014. Petrobras’ original 2010 TOR contract gave it the right to 5bn bl of oil equivalent (boe) in the six areas that make up the TOR region. The payment approval is aimed at ensur- ing that the auction of excess resources, scheduled for 6 November, is not held up by congressional wrangling.
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