Brazil court approves contract draft for transfer of rights oil deal

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SAO PAULO (Reuters) – Brazil’s federal audits court on Wednesday approved a draft contract for a massive transfer of rights oil deal between state-run oil firm Petroleo Brasileiro SA (), better known as Petrobras, and the government.

The highly anticipated auction, which takes place next month, could take in $26 billion from the combined signing bonuses bidders who win exploration and production rights will be obliged to pay the government.