Petrobras Received BRL347 Million Earnout Payment From Shell
February 01 2023 - 7:58AM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO--Petróleo Brasileiro SA said Tuesday evening it
received an earnout payment from Shell PLC related to the transfer
of rights to produce oil from Brazil's Atapu oil field.
Petrobras, as the Brazilian company is known, said it received
347 million reais, the equivalent of $69 million. The amount also
includes the gross-up of taxes related to Shell's 25% stake in the
Atapu field, Petrobras said.
Petrobras and the Brazilian government reached an agreement in
2019 to change the exploration and production contract the
state-controlled company first signed in 2010. Part of the
agreement permitted the sale of rights to certain oil fields,
including Atapu.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
February 01, 2023 07:43 ET (12:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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