October 23, 2019 / 7:02 PM / 20 days ago

Brazil court approves contract draft for transfer of rights oil deal

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes

SAO PAULO (Reuters) - Brazil’s federal audits court on Wednesday approved a draft contract for a massive transfer of rights oil deal between state-run oil firm Petroleo Brasileiro SA (PETR4.SA), better known as Petrobras, and the government.

The highly anticipated auction, which takes place next month, could take in $26 billion from the combined signing bonuses bidders who win exploration and production rights will be obliged to pay the government.

Reporting by Marcelo Rochabrun; Editing by Chris Reese

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