By Jeffrey T. Lewis


SÃO PAULO--Petróleo Brasileiro SA received an earnout payment from TotalEnergies EP Brasil Ltda. related to the transfer of rights to produce oil from Brazil's Atapu oil field.

Petrobras, as the Brazilian company is known, said Monday evening that it received 313 million reais, the equivalent of $60 million. The amount also includes the gross-up of taxes related to TotalEnergies' 22.5% stake in the Atapu field, Petrobras said.

Petrobras and the Brazilian government reached an agreement in 2019 to change the 2010 contract for exploration and production in Brazil's deep- and ultra-deep-water fields off the coast of Rio de Janeiro and São Paulo states.

Part of the new agreement permitted the government to sell rights to certain oil fields, including Atapu. The earnout payment is part of the compensation Petrobras receives for the transfer of those rights.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


(END) Dow Jones Newswires

01-24-23 0747ET