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(Bloomberg) — State-controlled oil producer Petrobras is making an effort to pay extraordinary dividends that the government is counting on this year to shore up public finances.
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The ability to pay extra dividends will depend on the level of oil prices, which are still lower than a year ago even with geopolitical tensions in the Middle East, Chief Executive Officer Magda Chambriard told reporters in Rio de Janeiro on Wednesday.
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“We have our fingers crossed,” Chambriard said. “We’re making a big effort.”
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Last week Finance Minister Fernando Haddad said that the government was negotiating with state-owned companies for them to pay dividends to help reach fiscal targets, and his comments were taken as a positive sign by Petrobras investors. The government is Petrobras’s biggest shareholder.
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Brazil’s mines and energy ministry has proposed a group of measures to raise around 35 billion reais ($6.2 billion) from the oil industry over the next two years to boost revenue, which have been criticized by an oil industry group.
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The package includes reviewing the reference prices used to calculate taxes paid by oil producers, including state-controlled Petrobras. Chambriard said that Brazil has a history of respecting contracts and that any changes should only affect future projects.
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Exploration Blocks
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The participation of foreign oil majors including Exxon Mobil Corp. and Chevron Corp. in an oil auction this week shows that there is confidence in Brazil’s geologic potential and its business environment, Chambriard said. The most competition was for blocks in the offshore Foz do Amazonas basin in northern Brazil near the equator.
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Petrobras won blocks in the area with Exxon, and she said Exxon’s success in Guyana makes it a good partner for deepwater projects in Brazil.
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