Petrobras has reached an agreement with the Philippine National Police and will pay R$832.4 million to end the royalties process.

Petrobras has reached an agreement with the Philippine National Police and will pay R$832.4 million to end the royalties process.

Petrobras (PETR4) announced the signing of an agreement with the National Agency for Petroleum, Natural Gas and Biofuels (ANP) to end the legal procedures related to the recalculation of the government participation (royalties and private participation) related to oil production in the Jobarti field, in the periods from August 2009 to February 2011 and from December 2012 to February 2015.

The agreement includes the oil company paying an amount of 832.4 million Brazilian riyals, updated in December 2023, to be corrected until the date of payment of the initial installment. The amounts stated in the agreement regarding government participation will be paid in an initial installment of 35% and the remainder in 48 installments adjusted according to the Selik rate. The agreement ends a dispute that has been under discussion since February 2016.

The state-owned company said the agreement will be submitted for approval by the Court of the 23rd Federal Court of the Judicial Division of Rio de Janeiro. The initial installment will be paid within 30 days after the court approves the agreement.

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Petrobras added that the amounts are already included in its financial results for the third quarter of 2023.

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