Petrobras says Chinese partners to pay US$2.94 billion in Buzios field surplus

Brazilian state-run oil firm Petroleo Brasileiro SA said on Friday that its Chinese partners in the Buzios pre-salt oil field will have to pay it US$2.94 billion for its prior investment in exploration under the TOR rights to surplus oil found there.

Petrobras said in a securities filing that Brazilian oil regulator ANP still has to approve the estimates of payment by China National Offshore Oil Corp and China National Oil and Gas Exploration and Development Corp , which have a 10per cent stake in the surplus output of the productive Santos basin field.

The area was defined in a 2010 deal between the government and Petrobras, when the company raised some US$70 billion in the world's largest-ever share offering at the time.

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