Brazil Reaches Deal with Petrobras Over Transfer of Rights Area

The Brazilian government has reached an agreement with state-controlled oil company Petróleo Brasileiro SA over the so-called transfer of rights area, Finance Minister Eduardo Guardia said on Wednesday.

Guardia declined to disclose values nor who is owed what under the terms of the agreement. A dispute over the oil in question, and the price of it, dates back to 2010, when the Brazilian government granted Petrobras the right to extract 5 billion barrels of oil and gas in the offshore Santos Basin.

(Reporting by Marcela Ayres; Writing by Bruno Federowski)