Petrobras, Brazil’s state-owned oil giant, is nearing a major step toward redeveloping the Tupi oil field, one of the largest deep-water reserves globally. The company is close to resolving a long-standing tax dispute with Brazil’s National Agency of Petroleum (ANP), which would allow it to extend Tupi’s operating contract for another 27 years. This move is critical for Petrobras to justify the billions of dollars needed to boost production at Tupi. Discovered in 2006, Tupi played a key role in elevating Brazil to one of the world’s…
