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Petrobras (NYSE:PBR) has reached an agreement with Brazil’s ANP oil regulator to put an end to the legal squabble surrounding the recalculation of government shares on oil production in the Jubarte field during the period from 2009 to 2015, as reportedly revealed in a Brazil securities filing issued Tuesday.
The settlement entails a payment of 832.4M reais (~$167.7M), with an initial installment of 35% and the remaining amount to be paid in 48 installments.
Additionally, Petrobras (PBR) CEO Jean Paul Prates announced on Tuesday that the company is charting a course to bolster its refining capacity by 25% over the next four years.
Speaking at the India Energy Week event in Goa, Prates also affirmed that Petrobras (PBR) remains unaffected by shipping disruptions in the Red Sea, considering the company’s non-reliance on those routes.
