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Petronas approves independent committee to review leases

Petrobras’ board has approved the creation of an independent committee to allow minority shareholders to review planned changes to some of its biggest oil and gas leases.
By Staff reporter 25 October 2016 Americas / Exploration & Production 0 22539

Petrobras’ board has approved the creation of an independent committee to allow the state-controlled company’s minority shareholders to review planned changes to some of its biggest oil and gas leases, Reuters reported.

Petrobras is in talks with the Brazilian government to negotiate mandatory changes to a contract to exploit up to 5 billion barrels of offshore oil and gas in the so-called Transfer of Rights Areas in the country’s Santos Basin, south of Rio de Janeiro.

The contract requires the price of the rights to the areas...

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