Lula partners contest Brazil’s supplementary charge

Petrobras says the consortium in the BM-S-11 license containing the Lula field in the presalt Santos basin has received a notice for R$2.6 billion ($832 million) from Brazil’s National Petroleum, Natural Gas and Biofuels Agency.

Offshore staff

RIO DE JANEIROPetrobras says the consortium in the BM-S-11 license containing the Lula field in the presalt Santos basin has received a notice for R$2.6 billion ($832 million) from Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP).

This assessment is due to divergence in the oil prices applied to calculate the government’s participation between May 2013 and December 2016.

Petrobras says the consortium members understand that they acted according to the legislation in force since 2000.

The change in interpretation of the rules applied to the concession contract by ANP directly affects the economic and technical assumptions that supported the investment decisions, the company adds.

Therefore, the consortium will contest the notice and, if necessary, will adopt all legal measures in defense of its interests.

Petrobras operates with a 65% interest, in partnership with Shell subsidiary BG E&P Brasil (25%) and Petrogal Brasil (10%).

04/03/2017

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