September 6, 2019 / 8:19 PM / 9 days ago

Brazil to allow large oil firms to pay signing bonuses in installments

RIO DE JANEIRO, Sept 6 (Reuters) - The Brazilian government will allow large oil companies expected to take part in a key licensing round for oil exploration in November to pay the signing bonuses in two installments, reducing the immediate financial burden on those corporations.

According to a decision by Brazil’s energy policy council CNPE, the winners in the licensing round for the excess oil in the so-called Transfer of Rights area would be able to pay the signing bonus in two parts, one in December and the other in June, 2020. (Reporting by Marcelo Teixeira and Marta Nogueira, Editing by Rosalba O’Brien)

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