Petrobras will redo the calculation of royalties

The Board of Executive Officers of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) decided that Petrobras must redo the calculation of six years of production on Albacoara Field, on Campos Basin. ANP concluded that Petrobras irregularly calculated the deduction of volumes, reducing the payment of royalties and special participations. This decision, enacted in a meeting held on March 14th, 2013, will force Petrobras to increase in R$ 200 million the payment of taxes. On April 2nd, Petrobras remitted an appeal to ANP. This is the latest of several processes inside ANP of divergence on the calculation of volumes produced and on the payment of royalties and participations.