Petrobras To Focus On Core Business, Spat With Govt To Be Resolved Soon -Officials

Brazilian officials on Thursday predicted a quick resolution to a dispute with Petroleo Brasileiro SA over offshore oil blocks and doubled down on pledges to steer the state-run firm toward its core businesses like oil exploration.

At the swearing-in ceremony for new CEO Roberto Castello Branco, incoming Mines and Energy Minister Bento Albuquerque said Petrobras, as the company is known, and the state, expect to resolve a dispute over the oil-producing zone known as the 'transfer-of-rights' area within 100 days.

The long-running dispute over the zone's oil, and its price, dates back years to when the Brazilian government granted Petrobras the right to extract 5 billion barrels of oil and gas in the offshore Santos Basin.