November 12, 2018 / 2:13 PM / a month ago

Brazil energy minister says transfer-of-rights bill to be voted this week

RIO DE JANEIRO, Nov 12 (Reuters) - Brazilian Mines and Energy Minister Wellington Moreira Franco said on Monday he is confident that the Senate will approve the so-called transfer-of-rights bill this week, a step toward resolving a dispute over an oil area between the government and Petroleo Brasileiro SA.

The dispute centers around a 2010 contract that gave state-run Petrobras, as the company is known, the right to extract 5 billion barrels of oil and gas in the offshore Santos Basin. Oil prices subsequently plummeted and the amount of oil in the area is now estimated to be much larger.

Reporting by Marta Nogueira; Writing by Gram Slattery Editing by Chizu Nomiyama

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