Petrobras worried about upcoming change in Brazil's reference oil price, CEO says
Chambriard added that oil in its post-salt fields is worth less than crude in its pre-salt fields.
Pre-salt oil fields are massive reserves under a hard salt undersea layer. Post-salt are ones above that layer.
Petrobras wants to revitalize oil production in the post-salt fields in northern Rio de Janeiro state, and also onshore, and the change hurts that move, Chambriard said during an interview with local outlet Eixos.
"There is still a lot of oil to be produced, but it needs to be economically viable, so it worries me a lot," Chambriard said.
Oil regulator ANP changed the criteria to set the reference price in a July meeting, after years spent discussing the matter. The move should increase tax collection and also royalties, boosting Brazil's government coffers.
A month before the change was announced, Brazil's Mines and Energy Minister Alexandre Silveira said the change - to take effect September 1 - would bring about 1 billion reais ($184.05 million) in extra money to the federal government by the end of the year.
($1 = 5.4333 reais)
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