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Brazil presalt concession winner will have to pay $7.45 billion bonus

BY JEFFERY.T. LEWIS

RIO DE JANEIRO -- The consortium that wins the first auction of exploration concession contracts for Brazil' s so called presalt oil deposits will have to pay the Brazilian government a signing "bonus" of $6.6 billion, the country' s National Petroleum Agency (ANP) said.

The ANP plans to auction off Libra, Brazil' s largest oil discovery with recoverable reserves estimated at between 8 billion and 12 billion barrels of crude, on October 21. The auction will be the country' s first of a presalt prospect under new production sharing agreements.

The government will receive a minimum volume of 40% of the oil after development costs and Petrobras must have a minimum 30% stake in the winning consortium, according to the terms of the auction.

The presalt is an area off Brazil' s coast where billions of barrels of crude oil and natural gas were discovered trapped in deep waters under a layer of salt.

Dow Jones Newswires

07/05/2013

 

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