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Brazil's Petrobras to issue up to 5 bln reais in local bonds -filing

SAO PAULO, July 26 (Reuters) - Brazil's state-controlled oil company Petróleo Brasileiro SA said on Wednesday its board approved the issuance of up to 5 billion reais ($1.59 billion) of a type of local bond, according to a securities filing.

Part of the proceeds from the debentures will be used to develop oil areas acquired by Petrobras from the Brazilian government in a so-called transfer of rights deal. Final terms of the bonds will be defined during bookbuilding, the company said in the filing.

($1 = 3.13 reais) (Reporting by Marcelo Teixeira; Editing by Richard Chang)