Brazil expects to raise $116 billion in 10 years with oil produced in subsalt area

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Pre-Salt Petroleum (PPSA) head Jose Eduardo Gerk attends an interview with Reuters in Rio de Janeiro, Brazil October 21, 2019. Picture taken October 21, 2019. REUTERS/Ricardo Moraes

A Brazil’s state-controlled company that manages the government share of oil produced in the subsalt areas estimates the government will raise $116 billion selling oil through 2031.

State-controlled PPSA CEO Eduardo Gerk estimates production of 8.2 billion barrels under the so-called production sharing contracts over the next 10 years, of which 1.5 billion barrels will be owed to the Brazilian government.

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