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By Richard Mann, Contributing Reporter

RIO DE JANEIRO, BRAZIL - The Brazilian government reached a landmark deal to pay state-controlled oil company Petróleo Brasileiro SA US$ 9.058 billion for revising a transfer-of-rights oil contract, Energy Minister Bento Albuquerque said on Tuesday.

Albuquerque told reporters after a meeting in Brasilia that the agreement opens the way for the government to auction off the excess oil in the transfer-of-rights area, a giant pre-salt oil reserve off the coast of Rio de Janeiro.

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