By Jeffrey T. Lewis

SÃO PAULO--Petróleo Brasileiro SA said Tuesday evening it received an earnout payment from Shell PLC related to the transfer of rights to produce oil from Brazil's Atapu oil field.

Petrobras, as the Brazilian company is known, said it received 347 million reais, the equivalent of $69 million. The amount also includes the gross-up of taxes related to Shell's 25% stake in the Atapu field, Petrobras said.

Petrobras and the Brazilian government reached an agreement in 2019 to change the exploration and production contract the state-controlled company first signed in 2010. Part of the agreement permitted the sale of rights to certain oil fields, including Atapu.

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

(END) Dow Jones Newswires

February 01, 2023 07:43 ET (12:43 GMT)

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