Brazil regulator sets rules for Petrobras oil fields rights renewal

December 23, 2015 5:58 PM

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Brazil regulator sets rules for Petrobras oil fields rights renewal

RIO DE JANEIRO Brazil's state-run oil company Petrobras will have to agree to extract at least 900 million barrels more of oil and natural gas equivalent from its Marlim and Voador offshore oil fields to win early renewal of its concession rights, oil regulator ANP said.

Financially troubled Petroleo Brasileiro SA or Petrobras, the world's most-indebted oil company, has said it wants to renew the contracts to explore for and produce oil in the areas through 2041 to justify new long-term investments. The concession was originally scheduled to expire in 2025.

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