April 18, 2019 / 12:32 AM / a month ago

Signing bonus for Brazil's pre-salt oil auction set at $26.9 billion: economy minister

FILE PHOTO: Brazil's Economy Minister Paulo Guedes looks on during a news conference after a meeting with Petrobras CEO Roberto Castello Branco (not pictured) at the Planalto Palace in Brasilia, Brazil April 16, 2019. REUTERS/Adriano Machado/File Photo

BRASILIA (Reuters) - Brazil’s government will require a signing bonus of 106 billion reais ($26.9 billion) in an auction of exceeding oil from the pre-salt fields scheduled for Oct 28, Economy Minister Paulo Guedes said on Wednesday.

Companies bidding would also have to compensate state-run oil company Petrobras for investments that Petrobras already made in the blocs. The auction comes after the settlement of a long-running dispute between Petrobras and the Brazilian government about one of the world’s most promising offshore oil areas.

Reporting by Tatiana Bautzer

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