The most controversial part of the capitalization strategy was undoubtedly the price of $8.51 a barrel for the transfer of 5 billion barrels or equivalent. The price was set in secret negotiations between Petrobras and ANP that centred on the valuations from DeGolyer & MacNaughton and Gaffrey Cline & Associates. During July and increasingly in August the analysts were quoted in the press giving their opinions of “fair prices”. Most of these valuations coalesced around $6 a barrel – some lower and some pushing into the mid-$7 range.
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