Petrobras Poised to Revive Field that Made Brazil an Oil Giant [BNN Bloomberg (Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: BNN Bloomberg
Petroleo Brasileiro SA expects to resolve a long-running tax dispute with the Brazilian National Agency of Petroleum, Natural Gas and Biofuels by the end of 2024, the company's head of exploration and production Sylvia dos Anjos said in an interview. A deal with the agency, known as the ANP, would allow Petrobras to go ahead with a plan to drill new wells and carry out new seismic research at the Tupi oil field in the Atlantic off Brazil's southeast coast, she said. The company is also considering adding another floating production vessel to Tupi, according to the firm's executive manager for ultra-deep waters, Cesar Cunha de Souza. These production vessels can cost as much as $4 billion and take years to build. “We expect to resolve this liability later this year,” Anjos said. It's hard to overstate the importance of Tupi for Petrobras and Brazil. It made the country one of the world's top 10 oil producers in the 2010s and has delivered hundreds of billions of dollars in taxes
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