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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Brazil’s oil giant, Petrobras, announced that it signed a Master Agreement with the French petroleum company Total, in connection with a Strategic Alliance Accord signed in October. In the agreement, Total will pay US$2.2 billion in the way of cash and investments in return for participation in several sub-salt oil fields. According to local media, Petrobras will receive US$1.6 billion upfront in cash.

“What we want with this whole program is to have resources to help pay our debts,” Petrobras president Pedro Parente said . . .

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