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Brazil's Petrobras, government agree on rules for potential Sepia, Atapu sale

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RIO DE JANEIRO, April 9 (Reuters) - The board of Brazilian state-run oil company Petrobras has approved an agreement with the government regarding the compensation that must be paid to Petrobras in the event of an auction of reserves in two offshore oil areas, the firm said on Friday.

The government tried and failed to auction off reserves in the Atapu and Sepia offshore oil blocks in 2019, though officials are keen to try again. As Petrobras, formally Petroleo Brasileiro SA, has already done exploration and development work in those regions, the company is eligible for compensation.

(Reporting by Gram Slattery; Editing by Leslie Adler)